Oman's exports rise 27% to OMR3.76bn

Business Saturday 14/July/2018 14:52 PM

By: Times News Service

Muscat: Oman recorded a robust 27.2 per cent growth in total export revenue in the first quarter of 2018 compared with the same period last year, according to the National Centre for Statistics and Information (NCSI).

The total export revenue for the first quarter of this year hit OMR3.76 billion, compared with OMR2.96 billion in the first quarter of 2017.

The value of oil and gas exports stood at OMR2.36 billion, equivalent to almost 63 per cent of the total value of commodity exports in the first quarter of 2018, thanks to an increase in the price of Omani crude oil. Of the total exports from the oil and gas sector, OMR1.75 billion was from oil exports, while liquefied natural gas exports accounted for OMR394.3 million in export earnings during the period, revealed the NCSI report.

The Sultanate’s total non-oil exports also rose by 28.8 per cent to OMR968.6 million from January to March 2018, from OMR751.8 million during the same period of the previous year.

Major non-oil Omani exports include live animals and their produce, mineral products, chemical products, rubber and plastics, and base metals. Mineral products accounted for OMR252.9 million in export revenue while chemicals and base metals and articles contributed OMR224.3 million and OMR214.8 million, respectively, in the first quarter of 2018. Export revenue from plastics and rubber also rose by 40.4 per cent to OMR65 million during the same period.

In addition, the value of total re-exports rose by 19.6 per cent to OMR436.4 million in the first quarter of 2018, against OMR364.9 million during the same period last year. Major re-exports from Oman include foodstuffs, mineral products, electrical machinery, mechanical equipment, and transport equipment.

Oman’s neighbour, the United Arab Emirates (UAE), retained its position as the main destination for the country’s non-oil exports in the first quarter of 2018.

The Sultanate’s non-oil exports to the UAE touched OMR183.8 million, making up 18.96 per cent of the total OMR968.6 million worth of non-oil exports from the country from January to March 2018, according to the NCSI report. Oman’s exports to the UAE showed a growth of 11.1 per cent in the first three months of 2018, compared to the same period of the previous year.

The NCSI report also revealed that Saudi Arabia is the second largest importer of Omani products, followed by Qatar, India, and China.

Saudi Arabia’s non-oil exports from Oman grew by 23 per cent to OMR136 million during the period, while non-oil exports to Qatar surged 368 per cent to OMR119.8 million compared to the same period in 2017.

The growth in export revenue was credited mainly to a recovery in commodity prices in international markets.

Meanwhile, the UAE retained its position as the top exporter of goods and services to Oman during the three-month period, with imports from the neighbouring country reaching OMR1.14 billion.

Total imports to the Sultanate from its various trading partners increased by 12.1 per cent to OMR2.50 billion during the same period.

According to the NCSI, the United States of America was the second leading country in terms of imports to Oman, followed by China, India and Italy. A total of OMR157.7 million worth of goods from the US were imported into the Sultanate in the first quarter of 2018, representing an increase of 53.4 per cent compared with the same period last year. — ONA

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Oman's economy rebounds from contractionary phase

Muscat: The Omani economy rebounded from a contractionary phase and recorded a broad-based recovery with a nominal growth of 8.7 per cent in 2017, according to a report published by the Central Bank of Oman.

The hydrocarbon and non-hydrocarbon sectors witnessed a growth of 20.8 per cent and 3.9 per cent, respectively, during the year. The recovery in oil prices and positive results of diversification efforts were credited for the broad-based uptick in the economy, resulting in further gains in oil prices.

The government continued its fiscal consolidation efforts through the rationalisation of government expenditures and the augmentation of both tax and non-tax revenues. The fiscal reform measures undertaken by the government include the reduction of fuel and water subsidies, a hike in corporate taxes, and an increase in a number of user fees.

Inflationary conditions in Oman generally remained benign, with the CPI-based average annual inflation staying at 0.6 per cent from January to April 2018.