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

Erdogan: Turkey may strike Kurdish militants in Iraq’s Quandil Mountains “at any moment one evening”

Turkey will strike Kurdish militant camps in the mountains of northern Iraq if Baghdad does not itself clear the area of militants, President Recept Tayyip Erdogan said on June 7. On June 6, ... more

UAE investor to develop $500mn agri-food group in Romania

The Al Dahra Group of the United Arab Emirates (UAE) wants to purchase nearly 60,000 hectares of agricultural land along the Danube River, develop a logistics company including water and road ... more

UAE to buy major stakes in Kazakh special economic zones

The United Arab Emirates’ (UAE’s) global port operator Dubai Ports World on March 24 signed two framework agreements to acquire stakes in Kazakhstan’s two Special Economic ... more