The UAE leads the Sultanate of Oman’s trading partners in non-oil exports and re-exports
Muscat, February 21 / WAM / The United Arab Emirates topped the list of trading partners of the Sultanate of Oman during the past year in the areas of non-oil exports, re-export activities, and merchandise imports, according to the monthly statistical bulletin issued by the Omani National Center for Statistics and Information.
The data, published by the Oman News Agency, showed that the UAE came in the lead in receiving Omani non-oil exports worth more than one billion and 311 million Omani riyals, recording a growth of 25.3 percent. It also acquired 35.2 percent of the total Omani re-export trade with a value of 724 million riyals, a growth of 27.2 percent, while Omani commodity imports from the UAE witnessed a growth of 5.4 percent to exceed 4.1 billion Omani riyals.
At the overall level, Oman recorded a positive performance in its non-oil foreign trade thanks to government efforts to revitalize ports and stimulate productive sectors. Non-oil exports, which included chemicals, metals and machinery, rose by 7.5 percent to reach 6.7 billion Omani riyals, while re-export activities jumped by 20.3 percent to record 2.56 billion Omani riyals. The list of other prominent trading partners included Saudi Arabia, India, China, Iran, and the United Kingdom in the fields of export and import in varying proportions.
On the other hand, statistics showed a decline in the value of the Sultanate’s total trade exchange to 40.4 billion Omani riyals, compared to 41.7 billion riyals in the previous year. This was affected by the decline in the value of oil exports by 15.2 percent to reach 14.5 billion Omani riyals, as a result of the decline in the average price of a barrel of Omani oil to 71 dollars, despite the increase in average daily production to more than one million barrels.
The oil decline led to a decrease in total merchandise exports by 7.1 percent to reach 23.2 billion Omani riyals, while total merchandise imports increased by 2.7 percent to exceed 17.1 billion Omani riyals.
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