Muscat: Preliminary statistics released by the National Center for Statistics and Information shed light on Oman’s flourishing trade scenario. The data reveals that the Sultanate’s trade balance witnessed a notable uptick, reaching a surplus of RO 877 million by the end of January 2024. This surge reflects a substantial growth trajectory compared to the same period in 2023, where the surplus stood at RO 686 million.

The statistical breakdown showcases a robust performance in Oman’s export sector, with merchandise exports totalling RO 2 billion and 303 million. This marks a commendable 16.7 per cent increase from the corresponding period in the previous year. On the import front, merchandise imports climbed to RO 1 billion and 426 million Omani riyals, showcasing a 10.6 per cent rise compared to January 2023.

The surge in export values can be primarily attributed to the notable increase in Oman’s oil and gas exports, totalling RO 1 billion and 450 million, marking a 9.6 per cent rise from January 2023. Of this, crude oil exports soared to RO 1 billion and 126 million, reflecting a substantial 30.5 per cent surge year-on-year.

Non-oil merchandise exports also witnessed a robust growth trajectory, soaring by 38.5 per cent to reach RO 749 million. Mineral products emerged as the top contributor among non-oil exports, with a value of RO 356 million, showcasing an impressive 115.9 per cent surge.

In terms of trade partners, the Kingdom of Saudi Arabia led the non-oil export trade, with a value of RO 103 million, marking an 82 per cent increase from January 2023. The United Arab Emirates stood out as the top destination for re-exports from Oman, with a value of RO 31 million. Additionally, the UAE ranked first in countries exporting to Oman, with a value of RO 315 million, marking a 4.2 per cent increase from January 2023.