Oman’s trade balance registers $17.9bn surplus in November 2023

Oman’s trade balance recorded a surplus of 6.9 billion Omani rials ($17.9 billion) in November 2023, down from 9.5 billion rials in the same period of 2022.

Data from the National Centre for Statistics and Information revealed that merchandise exports totaled 20.6 billion Omani rials in November 2023, reflecting an 11.4 percent decrease from the 23.2 billion rials recorded during the same period in the previous year.

In the same period, the value of merchandise imports to Oman totaled 13.6 billion rials by November 2023, indicating a 0.5 percent decrease compared to the previous year’s same period, which recorded 13.7 billion rials.

The decline in export value was primarily attributed to a decrease in oil and gas exports, falling to 12.5 billion rials, marking a 17.7 percent drop from 15.2 billion rials in November 2022.

Within the oil and gas sector, crude exports amounted to approximately 8.9 billion rials by the end of November 2023, marking a 17.3 percent decrease compared to the previous year.

Refined oil exports decreased to 1.3 billion rials, a drop of 23.5 percent, while liquefied natural gas exports declined to 2.3 billion rials, down 15.7 percent from 2.7 billion rials in November 2022.

Additionally, the statistics revealed a 1.4 percent decline in the value of non-oil merchandise exports by the end of November 2023, totaling 6.7 billion rials compared to 6.8 billion rials in November 2022.

Among non-oil commodity exports, mineral products recorded the highest value, reaching 2.4 billion rials, reflecting a 20.3 percent increase. Ordinary metals and their products followed at 1.2 billion rials, experiencing a decrease of 11.1 percent, and chemical industry products at 929 million rials, down 30.3 percent.

The value of re-exports increased to 1.3 billion rials by the end of November 2023, up 11.1 percent from November 2022. The worth of re-exports of transport equipment increased by 5.2 percent to 377 million rials, while the value of other product re-exports also saw growth.

Metal products had the highest value among merchandise imports to Oman, totaling 3.8 billion rials during the same period, marking a 4.6 percent annual decrease. Following closely were machinery, appliances, electrical equipment, and their parts at 2 billion rials, showing a 7.5 percent increase.

Saudi Arabia took the lead in non-oil export transactions with Oman, reaching approximately 981 million rials by the end of November 2023, showing an increase of 29.7 percent from November 2022.

Meanwhile, the UAE led in re-export transactions from Oman, reaching 465 million rials by the end of November 2023. Additionally, the UAE held the top position among countries exporting to Oman, with a value of 3.6 billion rials, indicating a decrease of 8.6 percent from November 2022.