Oman’s Trade Surplus Surges Amid Rising Oil Exports
Surplus reaches $18.5 billion, led by oil and gas exports surge
Oman’s trade surplus rose by 2% in November 2024, reaching 7.14 billion Omani rials ($18.5 billion), driven by an uptick in oil and gas exports. The total merchandise exports grew by 7.7%, amounting to 22.23 billion rials. Oil exports surged by 19.7%, with refined oil seeing a remarkable 174.9% increase. Despite a 16.6% decline in non-oil exports, Oman’s economic growth reflects a strong regional trend, as Gulf Cooperation Council countries maintain a pivotal role in global trade.
Oman’s Economic Growth Shows Strong Trade Dynamics
The rising oil prices and refined oil exports helped boost Oman’s surplus. Although non-oil exports suffered a minor decline, mineral products still accounted for a significant portion of Oman’s merchandise. The UAE remains Oman’s largest trade partner for non-oil exports, with a marked increase in trade volume. Oman’s regional trade surplus mirrors the broader trend in the Gulf Cooperation Council (GCC), which is emerging as a major player in global trade, now accounting for 3.4% of global trade.
Oman’s Trade Surplus Reaches $18.5bn, Driven by Oil and Gas Exports
Oman’s trade surplus grew by 2% year-on-year to reach 7.14 billion Omani rials (approximately $18.5 billion) by November 2024. This growth was largely driven by a 19.7% increase in oil and gas exports, amounting to 14.99 billion rials. Total merchandise exports saw a 7.7% rise, reaching 22.23 billion rials, while imports grew by 10.6%. The UAE was Oman’s top trade partner, especially for non-oil exports and re-exports. The Gulf Cooperation Council continues to solidify its position as a global trade powerhouse.
trade Partners and Export Performance
Oman’s top export destinations include the UAE, Saudi Arabia, and South Korea, while China and Kuwait lead as key exporters to Oman. The country’s oil exports continue to be a dominant factor, making up the largest portion of the trade surplus. However, the slight decline in natural gas exports and mineral product exports indicates the need for diversified growth strategies in Oman’s non-oil sectors.
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