Muscat: The Sultanate of Oman is seeing a significant boost in its trade relationship with the countries of the Americas, with a 6.6% rise in trade volume by the end of May 2024, according to preliminary data from the National Centre for Statistics and Information. The total trade exchange reached RO 742,942,961, up from RO 696,691,191 in the same period last year.
Oman’s exports to the Americas surged by an impressive 23.3%, totalling RO 255.4 million, thanks to a hefty 830 million kilograms of goods shipped. This marks a significant leap from the RO 207.1 million in exports recorded by May 2023. Leading the charge were ordinary metals and their products, valued at over RO 106 million, followed by plastics, rubber products, and chemical industry goods.
On the import front, Oman brought in RO 469.4 million worth of goods from the Americas, reflecting a modest 2% increase compared to the previous year.
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However, the re-export scene saw a downturn, with a 38.5% decline, totalling RO 18.2 million by May 2024. Despite this dip, re-exports of vehicles, aircraft, and related equipment still topped the list.
The United States remains Oman’s top trade partner in the Americas, despite a slight drop in imports. U.S. imports to Oman fell by 7.9% to RO 197.5 million, while exports to the U.S. rose by 14.6% to RO 197.6 million. Re-exports to the U.S. also saw a decrease, dropping by 35%.
Brazil secured its spot as Oman’s second-largest trade partner in the Americas, with a 13% rise in imports, reaching RO 226 million. However, Omani exports to Brazil dipped by 8.9%, totalling RO 4.9 million.
Metal products came at the forefront of the Sultanate of Oman’s imports from the Americas by the end of May 2024, with a value of RO 204 million, 438 thousand and 600, followed by vehicles, aircraft, ships and similar transport equipment, with a value of RO 106 million, 379 thousand and 348, then machinery and mechanical devices, electrical equipment, and their parts, with RO 31 million, 645 thousand and 998.
Ordinary metals and their products came at the forefront of the Sultanate of Oman’s exports to the Americas by the end of May 2024, with a value of RO 106 million, 976 thousand and 472, followed by plastics and their products, rubber and its products with RO 86 million, 817 thousand and 448, then products of chemical industries or related industries with RO 43 million, 882 thousand and 864.
Products of vehicles, aircraft, ships and similar transport equipment came at the forefront of re-exports from the Sultanate of Oman to the Americas, with a value of RO 8 million, 660 thousand and 834, followed by machinery and mechanical devices, electrical equipment, and parts thereof, with RO 5 million, 112 thousand and 235, and natural or cultured pearls, precious or semi-precious stones, precious metals, common metals clad with a layer of precious metals, articles of these materials, imitation jewellery, and coins with RO 3 million, 183 million and 838.
