Oman Economic Review – August 2018

18 August 2018

O

man recorded a robust 27.

per cent growth in total export

revenue in the first quarter

of 2018 compared with the

same period in 2017, according to

the National Centre for Statistics and

Information (NCSI). The total export

revenue for the first quarter of this year

hit RO3.76bn, compared with RO2.96bn

in the first quarter of 2017.

The value of oil and gas exports stood

at RO2.36bn, 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, RO1.75bn

was from oil exports, while liquefied

natural gas exports accounted for

RO394.3mn 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 RO968.6mn

from January to March 2018, from

RO751.8mn 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 RO252.9mn in export revenue

while chemicals and base metals and

articles contributed RO224.3mn and

RO214.8mn, respectively, in the first

quarter of 2018. Export revenue from

plastics and rubber also rose by 40.4 per

cent to RP65mn during the same period.

In addition, the value of total re-exports

rose by 19.6 per cent to RO436.4mn

in the first quarter of 2018, against

RO364.9mn during the same period

in 2017. Major re-exports from Oman

include foodstuffs, mineral products,

electrical machinery, mechanical

equipment, and transport equipment.

UAE is the main importer

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 RO183.8mn, making up
      18.96 per cent of the total RO968.6mn
      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 RO136mn during the period, while

non-oil exports to Qatar surged 368 per

cent to RO119.8mn 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

RO1.14bn. Total imports to the Sultanate

from its various trading partners

increased by 12.1 per cent to RO2.50bn

during the same period.

According to the NCSI, the United

States was the second leading country

in terms of imports to Oman, followed

by China, India and Italy. A total of

RO157.7mn 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 in 2017.

Robust growth

Oman’s export revenues rise 27 per cent to

RO3.76bn in the first quarter of 2018

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