Oman’s trade surplus hits RO 1.7 billion

Oman’s trade surplus hits RO 1.7 billion

The Sultanate of Oman recorded a robust trade surplus of RO 1.693 billion by the end of February 2024.

The post Oman’s trade surplus hits RO 1.7 billion appeared first on The Arabian Stories News.Muscat: This marks a notable increase from the RO 1.378 billion surplus reported for the same period in 2023.

The impressive trade surplus is attributed to a significant rise in the value of merchandise exports, which soared to RO 4.414 billion—a 19.5% increase compared to RO 3.695 billion in the previous year. The boost in exports was primarily driven by the oil and gas sector, with oil exports alone jumping by 21.5% to RO 1.905 billion. However, exports of refined oil and liquefied natural gas saw declines of 19% and 20.5%, respectively.

Non-oil merchandise exports also experienced substantial growth, climbing by 49.1% to reach RO 1.601 billion. Notably, mineral product exports surged by 142.7%, reaching RO 839 million. Other significant contributors included metal products, which increased by 16.3% to RO 232 million, and plastic and rubber products, which grew by 9.5% to RO 153 million.

On the import side, Oman saw a 17.4% increase, with merchandise imports totalling RO 2.721 billion compared to RO 2.317 billion in the previous year.