​Oman's non-oil exports surged by 33.6 per cent to OMR272.1 million in January 2018, from OMR203.6 million for the same period of the previous year.

Since prices of several petrochemical products are positively correlated to global prices of energy, Oman could gain immensely with a recent rise in oil prices. A major recovery in energy prices indirectly helped the country to strengthen its non-oil export revenue as well. A phenomenal growth in exports of mineral products, chemical products, base metals and live animals aided the recovery in non-oil exports, shows the latest monthly statistics released by the Centre.

Among the non-oil product categories, exports of mineral products shot up year-on-year by 62.7 per cent to OMR36.8 million, while exports of chemical products was up by 41.6 per cent to OMR79.5 million in January 2018, over the same period of last year. Further, export revenue from base metals and live animals and its products jumped year-on-year by 22.6 per cent and 41.8 per cent to OMR62.3 million and OMR21.1 million, respectively.  As part of the country's diversification programme, Oman has been taking several major steps to strengthen its export base of non-oil products. Apart from petrochemicals, the Sultanate's focused non-oil export products include processed aluminium, fertilisers, fish, minerals, metals and metal products, dates, chemicals, plastic products, detergents, mattresses and pharmaceuticals.

Re-exports also showed a 6.4 per cent growth at OMR131.3 million in January 2018, against OMR123.4 million for the same period of last year, the NCSI report showed. The country's total exports grew by 32.8 per cent to OMR1,201.6 million during January, 2018 from OMR904.6 million for the same period of the previous year, mainly on account of a recovery in crude oil prices in the international market.Export revenue from oil and gas exports rose by 38.2 per cent to OMR798.2 million for January 2018, from OMR577.6 million for the same period of 2017.

UAE retains leading position

Oman's neighbouring country, the United Arab Emirates (UAE), retained its position as the leading destination of Sultanate's non-oil exports in the first month of 2018. The Sultanate's non-oil exports to the UAE touched OMR52.3 million, indicating a 20 per cent of OMR272 million non-oil exports of the country in January, 2018, shows the NCSI report. Oman's exports to the UAE showed a growth of 7.2 per cent in January 2018, compared to the same period of previous year.

According to NCSI, Saudi Arabia was the second largest importer of Omani products, followed by Qatar, India and China. Saudi Arabia's non-oil imports from Oman surged ahead by 155.6 per cent to OMR36.3 million, while Qatar imported Omani products to the extent of OMR31.9 million, a phenomenal growth of 179.8 per cent. It may be noted that the Sultanate's total non-oil exports rose by 33.7 per cent to OMR272 million in January 2018, from OMR203.4 million for the same period of the previous year.

Oman's export development agency, Public Authority for Investment Promotion and Export Development (popularly known as Ithraa), is undertaking several initiatives to enhance non-oil exports, especially to its target markets. These programmes include visits of trade delegations, participation in international exhibitions, business-to-business meetings and market studies in potential export markets.

Total imports

Meanwhile, the Sultanate's merchandise imports increased by 5.1 per cent to OMR861.8 million in January 2018, compared to OMR819.7 for the same period of last year. The country's imports through sea rose by 6.6 per cent to OMR486.5 million in January 2018, against OMR456.4 million for the same period of last year, added NCSI in its monthly report. Also, imports via land rose marginally by 2 per cent to OMR251.4 million in the first month of 2018, against OMR246.5 million for the same period of 2017.Imports by air (air cargo) also rose by 6 per cent to OMR123.8 million in January 2018, against OMR116.8 million for the same month of 2017, the NCSI report shows. The Sultanate imported 2.73 million tonnes of goods in January this year, against 2.85 million tonnes for the same period of last year.

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