Value of Oman-UK bilateral trade climbs to $1.66bln

Value of Oman-UK bilateral trade climbs to $1.66bln

MUSCAT: The burgeoning trade relationship between the Sultanate of Oman and the United Kingdom has not only showcased impressive growth figures but has also resulted in a substantial trade surplus, according to the latest report of the UK Department for Business and Trade. Total trade in goods and services (exports plus imports) between the UK and Oman was £1.3 billion (approx. RO 640 million) in the four quarters to the end of Q2 2023, an increase of 25.1 per cent. Of this total, total UK exports to Oman amounted to £1.0 billion (RO 490 million), an increase of 19.0 per cent. Total UK imports from Oman amounted to £275 million, an increase of 53.6 per cent. One of the standout revelations in the report is the substantial trade surplus of £732 million (approx. RO 359 million) that the UK has achieved with Oman in the four quarters ending in Q2 2023. This marks a significant expansion from the £667 million (RO 326 million) surplus reported during the same period in 2022. Breaking down the surplus, goods and services each play a pivotal role. The UK reported a trade in goods surplus of £301 million with Oman in the four quarters