RIYADH: Oman recorded a trade surplus of 3.65 billion Omani rials ($9.4 billion) in the first six months of 2024, down slightly from 3.74 billion rials in the same period last year, official data showed. 

According to the National Center for Statistics and Information, commodity exports rose to 11.6 billion rials, marking a 6.7 percent increase from 10.9 billion rials in June 2023. 

This growth was primarily driven by higher oil and gas sales, which climbed to 7.2 billion rials, a 5.3 percent increase from the previous year. 

Crude oil exports alone contributed 5.1 billion rials, a 7.2 percent rise, while refined oil exports reached 842 million rials, up 12.8 percent. However, natural gas exports fell 5.7 percent to 1.2 billion rials. 

Oman’s imports also rose by 10.8 percent, reaching 8 billion rials by June, up from 7.2 billion rials in the same period last year. 

Non-oil commodity exports rose by 8.1 percent to 3.5 billion rials, up from 3.3 billion rials in June 2023. 

Metal products led the non-oil exports at 1.3 billion rials, a 21.5 percent increase. Ordinary metals and their products reached 671 million rials, up 7.3 percent, while chemical industries and related products saw a slight 0.7 percent decline to 521 million rials. 

Plastics and rubber products exports grew by 11.5 percent to 473 million rials, but exports of live animals and related products fell by 21 percent to 169 million rials. Other exports totaled 437 million rials.

Oman’s re-exports increased by 13.9 percent to 867 million rials by June 2024. 

Re-exports in transport equipment totaled 259 million rials, up 19 percent, while machinery, electrical equipment, and parts saw a 3.1 percent decline to 188 million rials. 

Re-exports of food, beverages, and liquids rose by 15.7 percent to 82 million rials, and metal product re-exports increased by 57.6 percent to 76 million rials. Re-exports of live animals and related products fell by 18.4 percent to 59 million rials, while other products amounted to 204 million rials.  

On the import side, mineral products were the largest category, reaching 2.3 billion rials, a 22.5 percent rise. 

This was followed by machinery, electrical equipment, and sound recording devices, which amounted to 1.3 billion rials, growing by 20.2 percent. 

Imports of ordinary metals and their products totaled 752 million rials, a 4.1 percent decrease, while chemical industries and related products dropped by 1.7 percent to 750 million rials. Transport equipment imports rose by 4.9 percent to 684 million rials. 

The UAE remained Oman’s largest non-oil trade partner, with non-oil exports to the Emirates reaching 457 million rials by June, an 8.9 percent increase from last year. 

Re-exports to the UAE amounted to 338 million rials, and the country was also the largest exporter to Oman, with imports valued at 1.9 billion rials. 

Economic ties between the UAE and Oman have remained robust, with the two nations signing investment deals worth 129 billion dirhams ($35.12 billion) in April. These agreements span multiple sectors, including renewable energy, green metals, and railway, as well as digital infrastructure, and technology.