28% fall in Oman’s exports

Muscat - 

The sultanate’s merchandise exports in the first five months of 2016 saw a 28.4 per cent year-on-year drop at RO4.02bn while imports fell by 23.4 per cent to RO3.46bn, according to the latest statistical bulletin issued by the National Centre for Statistics & Information (NCSI).

Oil and gas exports fell by 37.5 per cent to RO2.14bn while non-oil exports were down by 24.9 per cent to RO985.3mn. Crude oil fell by 38.2 per cent to RO1.79bn, even as refined oil and LNG exports dipped by 16.9 per cent and 35.5 per cent to RO48.1mn and RO301.4mn respectively.

Among non-oil products, the greatest decline in exports was recorded in plastics and rubber followed by base metals and articles, which fell by 50 per cent (to RO52.1mn) and 35.2 per cent (to RO186mn) respectively. Re-exports on the other hand registered a 1.5 per cent growth during the period, boosting export value to RO892.6mn.

This was mainly driven by a whopping 463 per cent increase in re-exports of mineral products, which reached RO282.4mn compared to RO50.2mn last year. This was however greatly offset by a 30.8 per cent drop in re-exports of transport equipment, which fell to RO458.2mn. As for imports, transport equipment and chemical products logged the highest fall in import figures, which stood at RO372.8mn and RO259.7mn respectively marking a drop of 56.2 per cent and 42.5 per cent, the NCSI report said.

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