Oman’s non-oil exports rise 27%

Muscat - 

Oman’s non-oil exports grew 27 per cent during the first six months of 2017 as the trade with neighbouring GCC countries rose sharply amid a recovery in crude oil prices.

Total value of non-oil exports jumped to RO1.58bn in the first half of this year from RO1.25bn in the same period of 2016, the latest statistics released by the National Center for Statistics and Information (NCSI) showed.

The robust growth in Oman’s non-oil exports this year was recorded on the back of a sharp rise in exports to the neighbouring GCC countries. Exports to Saudi Arabia surged 76 per cent to RO254.9mn in January – June period of 2017 compared to RO144.9mn in the same period a year ago, while exports to the UAE increased 7.9 per cent to RO358.4mn. Exports to Kuwait jumped 271 per cent to RO82mn from RO22.1mn in 2016.

Oman’s non-oil exports to India and China this year increased by 11.7 per cent and 15.4 per cent to RO151.4mn and RO110.4mn, respectively. Exports to other countries also rose 20.8 per cent to RO626.8mn from RO518.9mn a year ago.

Exports of mineral products recorded the biggest rise of 43.6 per cent to RO479.8mn, while chemical products export grew 36.7 per cent to RO382mn. Plastics and rubber products export went up by 41.8 per cent to RO91.5mn, while base metals and articles recorded a 33.8 per cent rise to RO314.1mn.

Re-exports from Oman, however, fell 27.6 per cent to RO788.3mn in the first half of 2017 compared to RO1.09bn in the same period of last year.

On the other hand, Oman’s total merchandise imports increased 16.6 per cent to RO4.93bn during January – June period of 2017 from RO4.23bn in the corresponding period of 2016. This growth in total imports was supported by a sharp increase in imports of transport equipments. Imports of transport equipments surged 118.7 per cent to RO1.02bn in the first half of 2017 against RO465.6mn a year ago.

Imports of electrical machinery and mechanical equipments and parts also rose 17.2 per cent to RO964.7mn from RO823mn.

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