MUSCAT: The Sultanate of Oman posted a trade surplus of OMR2.454 billion by the end of May 2025, according to preliminary data from the National Centre for Statistics and Information (NCSI). While this figure reflects a positive trade balance, it represents a sharp 38.5 percent drop compared to the OMR3.989 billion surplus recorded during the same period in 2024. The decline is primarily due to falling oil and gas exports, which continue to be a major contributor to the national economy.
By May 2025, the total value of commodity exports decreased by 9.6 percent year-on-year, falling to OMR9.639 billion from OMR10.659 billion in 2024. This was largely driven by a 15.2 percent reduction in oil and gas exports, which dropped from OMR7.444 billion to OMR6.315 billion. Despite this decline, the sector still forms the backbone of Oman’s export economy. The decrease signals ongoing volatility in global energy markets and highlights the Sultanate’s vulnerability to fluctuations in oil prices.
On a more positive note, non-oil commodity exports saw a significant rise of 7.2 percent, reaching OMR2.701 billion by the end of May 2025, compared to OMR2.521 billion a year earlier. This growth underscores Oman’s continued efforts to diversify its economy and reduce reliance on hydrocarbons. However, re-exports declined by 10.3 percent to OMR623 million, indicating a slowdown in transshipment activities and possibly reflecting shifts in regional trade dynamics.
The United Arab Emirates emerged as Oman’s leading trade partner across multiple categories. Non-oil exports to the UAE grew by 22.9 percent to OMR485 million, making it the top destination for such goods. The UAE also led in re-exports from Oman at OMR248 million and was the largest source of imports into Oman at OMR1.651 billion. Saudi Arabia and India followed as significant non-oil export markets, while Iran and Saudi Arabia also ranked highly in re-export destinations. On the import side, Kuwait and China secured second and third positions, with values of OMR731 million and OMR698 million, respectively.
