Oman’s non-oil exports jump 28% in first 10 months of 2017; imports up 17%

Muscat - 

Oman’s non-oil exports grew more than 28 per cent in the first ten months of 2017 as the demand for Omani products sharply increased in neighbouring countries such as Qatar and Saudi Arabia.

Total value of non-oil exports hit RO2.6bn during January – October period of 2017 compared to RO2bn in the same period of the previous year, according to statistics released by the National Centre for Statistics and Information (NCSI).

Neighbouring GCC countries continued to remain most valuable markets for Oman’s non-oil exports, with figures showing exports to Qatar, Saudi Arabia and the UAE grew sharply in 2017.

The NCSI statistics showed that Oman’s exports to Qatar surged 142 per cent to RO151mn during January – October period of 2017 from RO62.4mn during the same period a year ago. Exports to the UAE, which continued to remain Oman’s biggest non-oil trading partner, rose 19.1 per cent to RO586mn, while exports to Saudi Arabia jumped 83.5 per cent to RO399.2mn.

The sultanate last year also managed to achieve substantial growth in non-oil shipments to India and China. While non-oil exports to India rose 18.9 per cent to RO262.1mn, the sultanate’s non-oil exports to China grew 12.5 per cent to hit RO200mn from RO177.7mn a year earlier.

On the other hand, total value of re-exports from Oman decreased 6.3 per cent to RO1.63bn during the first ten months of 2017 from RO1.74bn in the same period of 2016. However, despite a decline in overall figures, re-exports to Qatar jumped more than 15 times to RO239mn compared to RO15.4mn in the previous year. Re-exports to Iran and Pakistan also grew 91.3 per cent and 54 per cent to RO176mn and RO103.2mn, respectively.

During the first ten months of 2017, Oman’s total merchandise imports grew 16.8 per cent to RO8.69bn compared to 7.44bn in the same period of the previous year. While imports from the UAE increased 0.6 per cent to RO3.63bn, Oman’s imports from the US more than doubled to RO705.1mn compared to RO310.8mn in the first ten months of 2016. Imports from China grew 45.5 per cent to RO516.8mn, but imports from India and Japan fell 5.3 per cent and 12.3 per cent to RO367.6mn and RO324.5mn, respectively.

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