Oman’s Trade Surplus Reaches New Heights with a Record $19.4 Billion in December
The Sultanate of Oman has announced its trade surplus for the month of December, revealing a staggering figure of 7.5 billion Omani rials ($19.4 billion). This substantial increase is largely attributed to the robust performance of the country’s oil and gas sector, which continues to be a driving force behind Oman’s economic growth.
Preliminary Data Indicates Significant Growth in Oil and Gas Exports
According to preliminary data from the National Centre for Statistics and Information, Oman’s merchandise exports reached a total value of 24.23 billion rials in December, marking an impressive 6.8 percent increase compared to the same period in 2023. The growth was predominantly driven by a rise in oil and gas exports, which reached 16.29 billion rials – an 18.4 percent increase from 13.76 billion rials in December 2023.
Oil and Gas Exports Break Down
Within Oman’s oil and gas exports, crude oil exports totaled 9.91 billion Omani rials by the end of December, marking a 0.8 percent increase from the same period in 2023. Refined oil exports saw a significant surge of 185.5 percent, reaching 3.85 billion rials. However, liquefied natural gas exports declined by 1.9 percent to 2.53 billion rials.
Non-Oil Merchandise Exports Show Moderate Growth
Despite the remarkable growth in oil and gas exports, non-oil merchandise exports fell by 16.3 percent to 6.23 billion rials in December, down from 7.44 billion rials the previous year. However, mineral products accounted for the highest value at 1.78 billion rials, although this figure represented a 36.8 percent year-on-year drop.
Re-Exports See Notable Increase
Re-exports from Oman increased by 14.9 percent to 1.71 billion rials by the end of December. Within this category, re-exports of food and beverage products saw a notable 30.6 percent rise to 184 million rials, while re-exports of mineral products climbed 21.3 percent to 120 million rials.
Imports Show Modest Growth
Oman’s merchandise imports increased by 12.1 percent year on year, reaching 16.71 billion rials in December, up from 14.91 billion rials the previous year. Mineral products accounted for the largest share, totaling 4.67 billion rials, an 11.3 percent increase from December 2023.
Trade Partners Revealed
The UAE remained Oman’s top trading partner for non-oil exports, with trade value rising 11 percent year on year to 1.05 billion rials. The UAE also led in re-exports from Oman, which amounted to 569 million rials, and was the top source of imports into the country, totaling 3.94 billion rials.
Oil Sector Update
In the oil sector, total crude oil exports until the end of January stood at approximately 25.82 million barrels, with an average price of $72.5 per barrel. Oil exports accounted for 84.3 percent of total oil production, which reached 30.61 million barrels during the same period.
Banking Sector Growth
In the banking sector, total credit provided by conventional commercial banks in Oman grew by 4.8 percent by the end of December. Private sector credit rose by 3.6 percent, reaching 20.7 billion rials.
Conclusion
Oman’s trade surplus for December has reached a record high, driven largely by the robust performance of its oil and gas sector. The country’s merchandise exports have seen significant growth, with non-oil merchandise exports showing moderate increases. Re-exports from Oman also saw notable gains, while imports showed modest growth. As Oman continues to navigate the complexities of the global economy, it is clear that the country’s strategic investments in its energy sector will remain a key driver of economic growth and development.