The value of oil and gas exports in the Sultanate of Oman increase 8% by the end of July 2024 compared to the same period of 2023, according to preliminary statistics issued by the National Centre for Statistics and Information.
The statistics indicate that the total value of merchandise exports by the end of July 2024 recorded OMR 13,720 million, an increase of 7.6% over the same period of the previous year, when it was OMR 12,752 million, while the total value of merchandise imports to the Sultanate of Oman amounted to OMR 9,416 million, an increase of 11.7% by the end of July 2024 compared to the same period last year, which amounted to OMR 8,428 million.
The increase in the value of exports is mainly attributed to the increase in value of the Sultanate of Oman's oil and gas exports to OMR 8,569 million, up by 8% compared to the end of July 2023, which amounted to OMR 7,931 million.
Among oil and gas exports by the end of July 2024, the value of the Sultanate of Oman's crude oil exports amounted to OMR 5,962 million, recording an increase of 7.6% over the same period of the previous year, and the value of refined oil exports increased to OMR 1,163 million by 30.2%, and the value of the Sultanate of Oman's liquefied natural gas exports decreased to OMR 1,444 million by 3.6%, compared to the end of July 2023.
Statistics revealed an increase in the value of non-oil merchandise exports by 5.1% by the end of July 2024, to reach OMR 4,152 million, compared to the end of July 2023, when it recorded OMR 3,950 million.
Mineral products had the highest value of non-oil merchandise exports, amounting to OMR 1,514 million, an increase of 17.4% over the same period in 2023, followed by base metals and their products with OMR 767 million, an increase of 2.8%, followed by products of chemicals with an export value of OMR 608 million, increase of 2.9%.
The value of the Sultanate of Oman's exports of plastics and rubber increased to OMR 549 million, an increase of 6.3%, and exports of live animals and animal products fell by 17.4%, reaching OMR 195 million, and the value of exports of other products amounted to OMR 520 million. The value of re-exports from the Sultanate of Oman increased to OMR 999 million, by 14.7% by the end of July 2024, compared to the end of July 2023.
The value of re-exports in transport equipment products recorded OMR 278 million, increase of 12%, and electrical machinery and equipment recorded OMR 222 million, a fall of 4.6%.
In foodstuff, beverage and tobacco, the value of re-exports increased by 20.7% to record OMR 98 million, while the re-export of mineral products recorded a value of OMR 93 million, an increase of 77.2%.
The value of re-exports of live animals and animal products decreased to OMR 64 million, by 15.7%, while the value of other products amounted to OMR 246 million.
In contrast, mineral products had the largest value of merchandise imports to the Sultanate of Oman, recording OMR 2,745 million by the end of July 2024, an increase of 23.6%, followed by electrical machinery and equipment with a value of OMR 1,578 million, recording a growth of 22.1% by the end of July 2024, followed by base metal and their products with a value of OMR 892 million, a decrease of 3.5%.
Imports of products of chemicals recorded a value of OMR 880 million, a rise of 0.1%, and transport equipment with OMR 800 million, an increase of 4.2%.
The United Arab Emirates topped trade exchange operations in non-oil exports by the end of July 2024 with a value of OMR 558 million, an increase of 14.9% from the end of July 2024, as well as trade exchange operations in re-exports from the Sultanate of Oman, where the value of re-exports to it amounted to OMR 377 million and the countries exporting to the Sultanate of Oman, with a value of OMR 2,261 million.