Oman records trade balance surplus of OMR877mn by January end 2024

Muscat: The Sultanate’s trade balance registered a surplus of OMR877 million by end of January 2024 compared to OMR686 million during the same period in 2023, according to the statistics issued by the National Centre for Statistics and Information (NCSI).

The statistics further showed that the value of exports of goods amounted to OMR2.303 billion by end of January 2024 an increase of 16.7 percent compared to the same period in in 2023 when it reached OMR1. 974 billion.

The increase in the value of exports of goods is mainly ascribed to the increase of the Sultanate’s exports of oil and gas to OMR1.45 billion, that is an increase of 9.6 percent compared to end of January 2023 when the value reached OMR1. 322 billion.

As part of the oil and gas exports, the Sultanate’s crude oil exports amounted to OMR1. 126 billion by end of January 2024 compared to the exports by end of January 2023, an increase of 30.5 percent.

The non-oil exports of goods increased by 38.5 percent by end of January 2024 to reach OMR749 million compared to OMR540 million by end to January 2023.

The exports of plastic and plastic products and rubber and its products decreased to OMR72 million while the reexports from Oman decreased to OMR104 million by end of January 2024 compared to end of January 2023, a decrease of 6.2 percent.

The Kingdom of Saudi Arabia topped the list of trade exchange operations in non-oil  exports when the value reached OMR103 million by end of January 2024, an increase of 82 percent compared to end of January 2023 while the UAE topped the list in terms of trade exchange in the reexport from Oman when the value of reexports to UAE amounted to OMR31 million by end of January 2024.

The UAE also topped the list of countries exporting to Oman by OMR315 million, an increase of 4.2 percent compared to end of January 2023.