Oman’s trade with Americas grows 6.6% to $1.9bn in May

The trade volume between Oman and the Americas reached a substantial 742 million Omani rials, roughly equivalent to $1.9 billion in May.

This figure represents a notable increase of 6.6 percent from the same month a year earlier, according to preliminary statistics from the National Center for Statistics and Information reported by the Oman News Agency.

The total value of Oman’s exports to North and South America amounted to 255 million rials by the end of May, reflecting a significant rise of 23.3 percent compared to the same period last year. Leading the category of exports were ordinary metals, valued at 106 million rials, followed by plastics and rubber products with 86 million rials, and products from the chemical industries reaching 43 million rials.

On the import side, Oman brought in 469 million rials worth of goods from the Americas, marking a 2 percent increase from the previous year. The largest portion of these imports was mineral products, valued at 204 million rials. Vehicles and transport equipment followed with 106 million rials, while machinery, electrical equipment, and their parts totaled 31 million rials.

The US emerged as the leading American trading partner for Oman, with both imports and exports each amounting to 197 million rials by the end of May. Despite a decrease of 7.9 percent in imports from the US, Oman’s exports to the US grew by 14.6 percent. This development aligns with the benefits derived from the Free Trade Agreement signed between the two countries in 2009, which has fostered increased trade and investment opportunities.

Brazil was the second-largest trading partner among the Americas, with imports from Brazil totaling 226 million rials, reflecting a 13 percent increase. Conversely, exports to Brazil fell to 4 million rials, a decrease of 8.9 percent.

These trade figures, reported by the Oman News Agency and NCSI, highlight Oman’s strategic importance and its growing role in the economic landscape, supported by key agreements and its crucial position in global maritime oil transport.