Oman’s trade surplus hits OMR1.69bn by February 2024 end

Oman’s trade surplus hits OMR1.69bn by February 2024 end

Muscat: Oman’s trade balance recorded a surplus of 1.693 billion at the end of February 2024 compared to OMR1.378 billion during the same period in 2023, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

Statistics further indicated that the value of merchandise exports increased by 19.5 percent to OMR4.414 billion at the end of February 2024 compared to OMR3.695 billion registered during the same period last year. The value of registered merchandise imports to the Sultanate of Oman rose by 17.4 percent to OMR 2.721 billion at the end of February 2024 compared to OMR 2.317 billion during the same period of 2023.

The increase in the value of exports was mainly due to the increase in the Sultanate of Oman’s oil and gas exports which rose by 7.2 percent to OMR2.566 billion at the end of February 2024 compared to OMR2.394 billion at the end of February 2023.

As part of oil and gas exports at the end of February 2024, the value of the Sultanate of Oman’s crude oil exports amounted to OMR1.905 billion, recording an increase of 21.5 percent over the same period last year, while the value of refined oil exports declined to