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.
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