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.

Related Articles

Ankara and Tehran join wave of anger directed at Trump’s recognition of Jerusalem as Israel’s capital

US President Donald Trump's December 6 announcement that his administration has decided to unilaterally recognise Jerusalem as Israel's capital was described as “against international law” by ... more

Islamic State is finished declares Iran's President Rouhani

Iranian President Hassan Rouhani on November 21 declared the end of the so-called Islamic State militant and terrorist group following decisive battles in Iraq and Syria. Stating that he wished to ... more

Turkey the loser as Baghdad rewards Iran with control of Kurdish oil exports

Iran is taking control of oil exports from Iraqi Kurdistan's giant Kirkuk field with Baghdad authorising the move as a reward for the Iranians' help in quelling the Kurds' late September push for ... more

Dismiss