Oman’s trade with European countries reached RO878.4mn in the first five months of 2024, marking a 9.5% increase compared to RO802.2mn bilateral trade recorded during the same period in 2023. However, trade balance between Oman and European continent remained in favour of Europe.
According to statistics released by the National Centre for Statistics and Information, Oman’s total exports to Europe amounted to RO197.3mn from January to May 2024, compared to RO120.4mn in the same period last year.
On the import side, Oman’s total imports from European countries stood at RO620.3mn during the first five months of this year, reflecting a 1.5% decrease compared to RO630.1mn in the corresponding period of 2023.
Re-exports from Oman to Europe saw a significant increase of 17.4%, rising to RO60.8mn from RO51.8mn in the same period of 2023.
Germany led European countries in trade with Oman. By the end of May 2024, Omani exports to Germany totaled RO9.2mn, while imports from Germany were valued at RO88.6mn. Re-exports to Germany reached RO19.8mn in the first five months of this year.
Belgium ranked second, with Omani exports to the country amounting to RO6.0mn, imports at RO100.9mn, and re-exports to Belgium totaling RO2.4mn.