MUSCAT: Oman’s trade balance achieved a surplus of RO 7.138 billion by the end of November 2024, reflecting a positive shift in the country’s trade performance. This surplus highlights the strengthening of Oman’s external trade relations and its growing economic stability. According to the latest data from the National Centre for Statistics and Information (NCSI), the surplus is driven by an increase in exports, particularly in oil and gas, which continue to be the backbone of the Omani economy.
The country’s export growth has been supported by rising global demand for Omani crude oil, along with strong performance in non-oil exports. Oman has seen a consistent rise in the export of products like petrochemicals, aluminum, and chemicals, diversifying its economy beyond traditional oil revenues. The surge in exports has played a crucial role in balancing the trade deficit and further improving the trade balance, boosting the country’s foreign reserves and overall fiscal health.
Imports also saw an increase during the same period, primarily driven by higher demand for machinery, vehicles, and consumer goods. However, the growth in imports was outpaced by the expansion in exports, leading to the trade surplus. This indicates that Oman is successfully enhancing its competitiveness in international markets while keeping its import growth under control, contributing to its positive trade balance.
Looking ahead, Oman is focused on sustaining this positive trade balance by diversifying its export base, attracting foreign investments, and exploring new markets for its products. The surplus also reflects the country’s successful economic strategies and commitment to achieving long-term sustainability in its trade and economic policies. With continued focus on innovation, infrastructure development, and trade agreements, Oman is set to maintain its positive trade position in the coming years.
