The trade balance of the Sultanate of Oman recorded a surplus of RO 2,610 million at the end of March 2024, compared to a surplus of RO 1,932 million during the same period in 2023, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

According to NCSI statistics, the total value of merchandise exports reached RO 6,502 million by the end of March 2024, an increase of 16.7% over the same period of the previous year, when it was 5,572 million.

Meanwhile, the total value of merchandise imports to the Sultanate of Oman amounted to RO 3,892 million, an increase of 6.9% by the end of March 2024, compared to the same period of 2023, which amounted to RO 3,640 million.

The increase in the value of exports is mainly attributed to an increase in the value of the Sultanate of Oman's oil and gas exports by 3.1% to reach RO 3,722 million at the end of March 2024, compared the end of March 2023, when it was RO 3,609 million.

The value of crude oil exports amounted to RO 2,704 million by the end of March 2024, recording an increase of 13.3% compared to the same period of the previous year, while the value of refined oil exports decreased to RO 363 million, or by 13.9%. The value of liquefied natural gas exports also decreased to RO 682 million, or by 18.1%, compared to the end of March 2023.

The value of non-oil merchandise exports increased by 44.9% by the end of March 2024 to reach RO 2,338 million, compared to the end of March 2023, when it recorded RO 1,614 million.

Mineral products had the highest value among non-oil commodity exports, with their value amounting to RO 1,169 million, recording an increase of 127% over the same period in 2023, followed by base metals and their articles, which recorded an export value of RO 352 million, an increase of 9.6%, followed by products of chemical industries, with an export value of RO 253 million, recording a decline of 7.3%.

The value of exports of plastics and rubber increased to RO 233 million, by 20.4%, and those of live animals and animal products decline by 1.2% to reach to RO 89 million, while the value of exports of other products reached RO 242 million.

The value of re-exports from the Sultanate of Oman increased to RO 442 million, or 26.8%, by the end of March 2024, compared to the end of March 2023. The value of re-exports of transport equipment grown by RO 140 million, up by 49.3%, and the re-exports of electrical machinery and equipment recorded RO 103 million, recorded an increase of 22%.

The re-export value of live animals and animal products increased to RO 39 million, by 8.6%, while the re-export value of foodstuffs, beverages and liquids products decreased by 2% to record RO 35 million.

The re-export of mineral products amounted to RO 28 million, recording an increase of 56.8%, and the value of other products amounted to RO 98 million.

On the other hand, mineral products had the largest value of merchandise imports to the Sultanate of Oman, recording RO 1,097 million, at the end of last March 2024, with an increase of 15%, followed by electrical machinery & equipment and its parts, sound recording and broadcasting equipment at a value of RO 605 million, recording a growth of 8.1%, by the end of March 2024, followed by products of the chemical industries and related industries, with a value of RO 375 million, with a growth of 2.1%, while transportation equipment declined by 2%, recording RO 330 million.

The Kingdom of Saudi Arabia topped the trade exchange transactions in non-oil exports, and their value reached RO 238 million at the end of March 2024, an increase of 9.5% from the end of March 2023.

The United Arab Emirates topped the trade exchange transactions in re-exports from the Sultanate of Oman, reaching RO 175 million at the end of last March 2024. The United Arab Emirates also ranked first in the list of the highest countries exporting to the Sultanate of Oman, with a value of RO 982 million, recording an increase of 1.4%, compared to the end of March 2023.