The total export revenue of the Sultanate fell 7.7% until the end of March 2020 compared to the same period last year. The total export revenue for January-March period of 2020 increased to OMR3.53 billion, compared to OMR3.82 billion for the same period of 2019, according to the NCSI.
Among total exports, the value of oil and gas exports recorded a fall of 5.5% to reach OMR2.34 billion compared to the same period of last year due to a drop in the price of Omani crude oil. Of the total exports from the oil and gas sector, OMR1.72 billion was from oil exports, while liquefied natural gas exports accounted for OMR415.1 million in export earnings during the first three months of 2020, the NCSI report revealed.
The Sultanate's non-oil exports also fell 27.6% to reach OMR722.2 million until the end of March 2020, from OMR997.4 million for the same period of 2019.
Mineral products accounted for OMR68.8 million in export revenue, while chemicals and base metals and articles contributed OMR123.1 million and OMR224.4 million, respectively, until the end of March 2020.
In addition, the value of total re-exports rose 33% to OMR463.4 million until the end of the first three months of 2020, against OMR348.5 million during the same period last year.
Imports
The total imports from various trading partners in the Sultanate dropped by 11.1% to OMR1.99 billion until the end of the three-month period of 2020, over the same period of last year.
The major import items include live animals and its products, prepared foodstuff, mineral products, chemical products, base metals and articles, electrical machinery and mechanical equipment, and transport equipment.
The Sultanate imported live animals and its products worth OMR130.6 million until the end of the first three months of 2020, against OMR133.1 million for the same period of last year. In addition, the Sultanate's import of prepared foodstuff and beverages fell 8.8% to OMR127.1 million from OMR139.4 million.
Imports of mineral products and electrical machinery and mechanical equipment fell by 13.7% each, respectively.
Meanwhile, those of chemical products and transport equipment also fell by 2.5% and 24.6%, respectively.
According to the NCSI report, the total value of merchandise imports through sea outlets fell by 15.8% to OMR1,033.8 million when compared to OMR1,227.3 million during the same period of 2019. The value of merchandise imports arriving via land outlets rose by 3.1%, recording OMR694.9 million until the end of March 2020.
During the same period, the total value of merchandise imports arriving via air outlets fell by 22.2% to reach OMR270.8 million recorded until the end of March 2020.
Meanwhile, UAE retained its position as the leading destination of the Sultanate's non-oil exports until the end of March 2020.
The Sultanate's non-oil exports to UAE rose 14% to touch OMR180.1 million until the end of the first three months of 2020, over the same period last year, according to NCSI report.
Further, Saudi Arabia was the second largest importer of Omani non-oil products, followed by Qatar, United States and India.
Saudi Arabia's non-oil imports from the Sultanate fell by 47.9% to OMR112.8 million, while Qatar imported Omani products valued at OMR73.9 million. Meanwhile, India's imports from Oman fell 3.6% to OMR57.1 million, while United States imported goods worth OMR64.1 million from Oman.
The UAE was also the leading re-export destination of Omani products, which was valued at OMR148.1 million until the end of the first three months of 2020, showing a rise of 54% compared to the same period last year. The UAE was followed by Qatar (OMR138 million), Iran (OMR34.9 million), United Kingdom (OMR21.2 million) and India (OMR18 million).
As far as the Sultanate's import destinations are concerned, the UAE led with an import of OMR856.3 million during the period under review, a drop of 10.8% compared to the same period of last year. The UAE was followed by China (OMR128.5 million), Saudi Arabia (OMR118.1 million), India (OMR94.4 million) and Unites States (OMR60.5 million).