Oman’s trade dynamics show decline in oil exports, non-oil sector shows resilience

Oman’s trade dynamics show decline in oil exports, non-oil sector shows resilience

The Sultanate of Oman has showcased its economic resilience as the trade balance for November 2023 reveals a surplus of RO 6.997 billion.

The post Oman’s trade dynamics show decline in oil exports, non-oil sector shows resilience appeared first on The Arabian Stories News.Muscat – The statistics unveil a nuanced picture of Oman’s trade performance, with the value of merchandise exports declining by 11.4 per cent to reach RO 20.636 billion, attributed primarily to a drop in oil and gas exports. Conversely, merchandise imports experienced a marginal decrease of 0.5 per cent, totalling RO 13.639 billion by the end of November 2023.

Notably, the decline in export values stemmed from various sectors, with Oman’s oil and gas exports witnessing a significant downturn. The value of crude oil exports decreased by 17.3 per cent, while refined oil exports saw a decline of 23.5 per cent. Similarly, Oman’s LNG supply registered a decrease of 15.7 per cent compared to the previous year.

However, amidst these challenges, non-oil merchandise exports showcased resilience, with mineral products emerging as the highest value export category, recording a notable increase of 20.3 percent. Despite declines in certain sectors, such as chemical industries and related products, Oman’s non-oil exports maintained a