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Oman’s foreign trade exchange rises 13% to reach $27bn: official data


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Oman’s foreign exchange witnessed a 12.8 percent annual increase in the first quarter of 2024, buoyed by a trade surplus attributed mainly to increased oil exports, official data showed. The Gulf state’s overall volume of international trade transactions reached 10.3 billion Omani rials ($26.7 billion), compared to 9.2 billion rials in the corresponding period last year, according to the country’s National Center for Statistical Information. This came as the country’s trade balance saw a 35 percent increase, reaching 2.6 billion Omani rials in the first quarter, compared to the corresponding quarter of 2023. Data showed that total exports reached 6.5 billion rials in the first three months, up from 5.5 billion rials during the same period last year, marking a 17 percent increase. More specifically, Omani exports climbed to 2.3 billion rials from 1.6 billion in the first quarter of 2023. Re-exports reached 442 million rials, up from 349 million rials in the previous year. The report revealed that oil exports also showed a marginal increase, reaching 3.7 billion rials compared to 3.6 billion in the same period last year. 


On the import side, total imports rose to 3.8 billion rials in the first quarter, up from 3.6 billion rials in the same period of the previous year. The merchandise imports were primarily from the UAE, amounting to 982 million rials, followed by India with 401 million rials, and Saudi Arabia with 287 million rials. Other notable import partners included Kuwait with 369 million rials, China with 354 million rials, and Qatar with 210 million rials. Rub’ al-Khali port, located at the Oman–Saudi Arabia border, saw a significant increase in imports, with a 42 percent rise in the first quarter, compared to the same quarter in 2023. Seaports contributed 66 percent to the total imports, with Sohar port alone accounting for an import value of 1.7 billion rials during the first three months of this year.Oman’s metal products exports surged to 1.1 billion rials, up from 533 million rials in the first quarter of 2023. Meanwhile, metal product imports reached 1 billion rials, compared to 954 million rials in the same period the previous year.