MUSCAT : According to preliminary statistics from the National Centre for Statistics and Information, this reflects a stable trade performance amid evolving economic conditions.

The total value of commodity exports reached RO 9.689 billion by the end of May 2024, marking a 5 percent increase from the RO 9.224 billion recorded in the first five months of 2023. Conversely, the value of commodity imports rose to RO 6.700 billion, up 7.4 percent from RO 6.238 billion the previous year.

The increase in exports is attributed to a rise in oil and gas exports, which amounted to RO 5.937 billion, up 1.8 percent from RO 5.833 billion in May 2023. Within this category, crude oil exports grew by 7.6 percent to RO 4.297 billion, while refined oil exports decreased by 8.7 percent to RO 579 million, and liquefied natural gas exports fell by 12 percent to RO 1.061 billion.

Non-oil exports also saw an increase of 11.2 percent, reaching RO 3.045 billion compared to RO 2.737 billion the previous year. Among these, mineral products led with exports valued at RO 1.101 billion, a 23.1 percent increase. Other significant categories included ordinary metal products and their manufactures, which saw an 8.9 percent rise, and plastics and their products, which increased by 13.5 percent to RO 399 million.

Re-exports from Oman also experienced growth, totaling RO 707 million, an 8.1 percent increase from the previous year. Significant increases were observed in the re-exports of mineral products and food and beverage products, with considerable gains in several categories.

On the import side, mineral products dominated with a value of RO 1.967 billion, up 13.7 percent, followed by machinery and equipment at RO 1.121 billion, marking an 18.5 percent increase. Imports of chemical and related industries decreased by 5.8 percent to RO 601 million, while transport equipment saw a 2.4 percent increase to RO 574 million.

The United Arab Emirates emerged as a key trading partner, leading in non-oil exports and re-exports, with trade values of RO 395 million and RO 244 million, respectively. The UAE also topped the list for imports to Oman, amounting to RO 1.582 billion.

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