Oman’s export revenues rise 27 per cent to RO3.76bn in the first quarter of 2018
Oman recorded a robust 27.2 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 RO2.96bnin 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.
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 of America 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.