Muscat – This increase reflects the efforts made to develop Oman’s non-oil exports, encourage Omani industries, provide numerous facilities to attract foreign investment, localise projects, and provide incentives to the private sector.

This increase is also in line with Oman Vision 2040 and the Sultanate’s efforts to diversify the economy, reduce dependence on oil, increase exports, develop the industrial and logistics sectors, achieve financial stability, and enhance the performance of productive sectors.
Non-oil exports represent 28.6 percent of Oman’s total exports, amounting to RO 5.659 billion. The list of Oman’s non-oil exports includes numerous industrial products, metals, plastics and their products, machinery, mechanical devices, electrical equipment, and products from the chemical industry and related industries.

The United Arab Emirates topped the list of countries importing non-oil Omani products, with the value of non-oil Omani goods exported to it in the first quarter of this year reaching RO 292 million – representing 18 percent of the total Omani non-oil exports. The Kingdom of Saudi Arabia came in second place with RO 259 million, while the Republic of India came in third place with RO 172 million. South Korea came in fourth with RO 154 million, and the United States of America came in fifth with RO 88 million.

However, the first quarter of this year witnessed a decline in Omani oil exports, coinciding with a decline in oil prices, falling to RO 3.690 billion compared to RO 4.391 billion in the first quarter of last year. The average price of Omani oil in the first quarter of this year reached $75.3 per barrel, compared to $79.7 per barrel in the first quarter of last year.

The first quarter of this year also witnessed a decline in Omani exports under the re-exports item, falling to RO 351 million compared to RO434 million in the first quarter of last year.
The United Arab Emirates topped the list of countries importing Omani products exported under the re-exports with RO 126 million, accounting for 35.8 percent of the total. Iran came in second with RO 63 million, while Kuwait came in third with RO 24 million. Saudi Arabia came in fourth with RO 22 million, and Germany came in fifth with RO 10 million. The first quarter of this year witnessed an increase in recorded commodity imports, which rose to RO 4.312 billion, registering a growth of 10.9 percent compared to the first quarter of last year, which amounted to RO 3.889 billion.

The United Arab Emirates topped the list of countries exporting to the Sultanate of Oman, with imports amounting to RO 995 million, representing 23 percent of the total recorded commodity imports in the first quarter of this year. Kuwait came in second with RO 466 million, followed by China in third place with RO 437 million, India in fourth place with RO 338 million, and Saudi Arabia in fifth place with RO 306 million.