Oman’s trade surplus reaches $2.8bn in January-May

By bne IntelliNews September 21, 2015

Oman’s overall foreign trade balance reported an OMR1.09bn ($2.84bn) surplus in the first five months of the year as sinking exports were mitigated by a mild decline in imports, data from the statistics office showed.

Exports (including re-exports) shrank 33% y/y to OMR5.62bn while imports fell 2% y/y to OMR4.53bn at end-May.

Oil and gas continue to form the bulk of Oman’s exports despite dropping 39% y/y to OMR3.4bn in January-May, accounting for 60.5% of the total.

Crude oil exports fell 41% y/y to OMR2.86bn in January-May while refined oil sales shrank 48% y/y to OMR68mn and those of liquefied natural gas dropped 24% to OMR467mn.

Non-oil exports dropped 13% y/y to OMR1.34bn following a period of positive growth amid sluggish foreign demand. Minerals, chemicals, plastic and rubber and base metals were among the main top export products.

Omani re-exports contracted 31% y/y to OMR880mn in January-May.

Oman imported OMR191mn worth of live animals (down 7.8% y/y), OMR550mn of minerals (down 10%) and OMR452mn worth of chemicals (up 2.7% y/y). Imports of electrical and mechanical appliances rose 8% y/y to OMR849mn, reflecting strong private consumption for durable goods.

The UAE, Japan, India and China were Oman’s top import sources in January-May.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Erdogan warns Iraqi Kurds will lose “opportunities” if independence vote proceeds

Turkish President Recep Tayyip Erdogan has warned the Iraqi Kurds that it is in their interests to call off their planned September 25 independence referendum because it “may lead to a process that ... more

Russia’s Rosneft mulls Kurdistan-Turkey-Europe gas pipeline

Russia’s Rosneft is exploring the possibility of building a 30bn cubic metre (bcm) pipeline that would from 2020 deliver natural gas supplies from the Iraqi Kurdistan region to Turkey and ... more

‘Fruit juice moment’ indicates Iran making serious trade incursions in blockaded Qatar

An image of a ‘Produced in Iran’ fruit juice brand aboard a Qatar Airways flight might not appear at all exciting but to Iranians discussing the trade opportunities generated for the Islamic ... more

Most Read

  1. STOLYPIN: Russia balances wargames with mindgames in Zapad exercises
    2 days ago
  2. ISTANBUL BLOG: Commerzbank ignites quarrel claiming Turkey’s official growth figures are “more than questionable”
    9 days ago
  3. Volkswagen doubles exports of Russia-made cars
    7 days ago
  4. Russia's Binbank asks central bank for help
    2 days ago
  5. Romania’s media sector in turmoil
    10 days ago
  1. Hungary threatens to block Romania’s OECD accession
    16 days ago
  2. ISTANBUL BLOG: Commerzbank ignites quarrel claiming Turkey’s official growth figures are “more than questionable”
    9 days ago
  3. Economists tangle over risk of a Greek-style collapse in Turkey
    20 days ago
  4. Wild capitalism threatens the untamed rivers of Southeast Europe
    1 month ago
  5. Russia’s government moves from war budget to election budget
    28 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss