Muscat: Preliminary data from the National Centre for Statistics and Information highlighted robust growth in commodity exports, which reached RO 18.24 billion, marking a 10% rise compared to last year’s RO 16.59 billion. Commodity imports also grew by 10.9%, amounting to RO 12.18 billion compared to RO 10.98 billion in 2023.

The substantial increase in exports is largely driven by Oman’s oil and gas sector, which recorded RO 12.4 billion in exports—a 21.5% boost from the RO 10.2 billion achieved last year. Refined oil exports led this growth with an extraordinary 151.6% increase, reaching RO 2.97 billion. However, liquefied natural gas (LNG) exports saw a 7% dip to RO 1.82 billion.

Non-oil exports declined by 14.1%, totaling RO 4.53 billion by the end of September 2024. Mineral products remained the top contributor, though they dropped by 27.3% to RO 1.3 billion. Meanwhile, re-exports from Oman increased significantly by 18.1%, reaching RO 1.3 billion, bolstered by a 51% rise in mineral products and a 32% boost in food and beverage products.

On the imports front, mineral products topped the list at RO 3.47 billion, growing by 16.4%. Machinery and electrical equipment imports showed a notable 24.7% rise, amounting to RO 2.09 billion.

The United Arab Emirates retained its position as Oman’s leading trade partner, with non-oil exports to the UAE reaching RO 737 million, a 14.1% increase. The UAE also topped re-export and import transactions with RO 445 million and RO 2.92 billion, respectively. Saudi Arabia and South Korea followed as major non-oil export destinations, while China and Kuwait were prominent import sources.