RIYADH: Oman’s trade surplus narrowed to 256 million rials ($665 million) by January-end, from 528 million rials a year earlier, as imports rose and oil and gas exports declined.
Merchandise exports fell 6.1 percent year-on-year to 1.83 billion rials, driven by a decline in hydrocarbon shipments, while imports rose 10.9 percent to 1.58 billion rials, data from the National Centre for Statistics and Information showed, as reported by the Oman News Agency.
This aligns with broader economic trends, as S&P Global Ratings affirmed Oman’s “BBB-” long-term foreign and local currency sovereign ratings with a stable outlook in March, citing its improving fiscal position despite ongoing geopolitical conflict in the Middle East.
“The decline in the value of Oman’s merchandise exports is primarily attributed to a decrease in the value of Oman’s oil and gas exports, which reached 1.109 billion Omani rials by the end of January 2026, marking a 15.9 percent decrease compared to the end of January 2025, when exports totaled 1.318 billion Omani rials,” the ONA report stated.
It added: “Conversely, the value of Oman’s non-oil merchandise exports increased by 15.3 percent, reaching 613 million Omani rials by the end of January 2026, compared to 531 million Omani rials during the same period of the previous year.”
The new figures further showed that the value of re-exports from Oman also rose, reaching 109 million rials by the end of January, reflecting a 9.7 percent increase compared to the same period a year earlier.
The UAE led Oman’s non-oil exports at the end of January, with a value of 141 million rials, marking a 54.8 percent increase compared to the same period in 2025. The UAE also led re-exports at 43 million rials and was the largest source of imports into Oman at 442 million rials.
Saudi Arabia ranked second among destinations for Oman’s non-oil exports, with a value of 92 million rials, followed by South Korea with 77 million rials.
In re-exports, Saudi Arabia also ranked second, with a value of 25 million rials, followed by Iran with 16 million rials.
On the import side, the UAE was the largest source, followed by China at 213 million rials and India at 113 million rials.
