Muscat: The increase was largely driven by a 15% rise in local sales, which reached RO 126.9 million, up from RO 110.7 million in Q3 2023. However, non-oil-insured exports saw a slight dip of 2%, totalling RO 145.9 million compared to RO 148.4 million last year.
Among export sectors, the petrochemicals and plastics sector surged by 58%, growing from RO 13.9 million to RO 22 million. Meanwhile, the mining sector faced a decline of 42%, dropping to RO 1.7 million.
In the local market, the packaging sector achieved an impressive 156% growth in insured sales, rising from RO 155,000 to RO 397,000. The mining sector also showed significant improvement with a 95% growth, reaching RO 643,000. On the other hand, the building materials sector saw a 12% decline, while the consumer goods and food sector grew by 13%, reaching RO 81.4 million.
Read More
- Six jailed in Oman over Mazoon Dairy embezzlement and bribery case
- Oman deepens China ties, elevates Brunei relations in His Majesty Sultan Haitham’s Asia visits
- HH Sayyid Bilarab patronises Royal Guard of Oman’s Annual Day celebrations
- Oman partners with Visa to attract high-spending luxury travellers
- Royal Oman Police warns against fake 50% traffic fine discount messages
Sheikh Khalil bin Ahmed Al Harthy, CEO of Credit Oman, attributed the growth to improvements in industrial sector performance, particularly in packaging and petrochemicals, as well as continued expansion in the consumer and food goods sector.
“Credit Oman seeks to support Omani companies in exploring new markets, increasing their competitiveness and enhancing the presence of Omani exports at the regional and international levels, by providing credit insurance services to protect exporters and mitigate commercial and non-commercial risks, which contributes to enhancing economic growth,” Al Harthy said in a statement.
