​The trade balance of the Sultanate of Oman recorded a surplus of RO 877 million at the end of January 2024 compared to RO 686 million during the same period in 2023, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

Statistics indicate that the value of merchandise exports by the end of January 2024 reached RO 2,303 billion, up by 16.7%, compared to the same period in 2023, when it was RO 1,974 billion.

Meanwhile, the value of merchandise imports to the Sultanate of Oman at the end of January 2024 reached RO 1,426 billion, recording an increase of 10.6% percent, compared to the same period in 2023, which was recorded at RO 1,288 billion.

The increase in the value of exports was mainly due to the increase in the value of the Sultanate of Oman's oil and gas exports by 9.6%, reaching RO 1,450 billion at the end of January 2024, compared to the end of January 2023, which amounted to RO 1,322 billion.

The value of the Sultanate of Oman's exports of crude oil at the end of January 2024 reached RO 1,126 billion, recording an increase of 30.5%, compared to the same period in 2023, while the value of refined oil exports declined by 36.5%, reaching RO 95 million.

Also, the value of the Sultanate of Oman's exports of liquefied natural gas (LNG) increased by 26.1%, reaching RO 229 million, compared to the same period in 2023.

Statistics revealed an increase in the value of non-oil merchandise exports by 38.5% at the end of January 2024, reaching RO 749 million, compared to the end of January 2023, when it was recorded RO 540 million.

The statistics also showed that the mineral products of the Sultanate of Oman had the highest value among non-oil merchandise exports at the end of January 2024, reaching RO 356 million, recording an increase of 115.9%, followed by the base metals products and their articles at RO 122 million, recording an increase of 21.3%, followed by chemical industry products, with an export value of RO 86 million, declining by 11.2%.

The same statistics indicated that the value of the Sultanate of Oman's exports of plastic and rubber products decreased by 3.6%, reaching RO 72 million, while exports of live animals and their products increased by 11.9%, reaching RO 34 million, and the value of exports of other products reached RO 79 million.

The statistics also indicated that the value of the Sultanate of Oman's re-exports at the end of January 2024 decreased by 6.2%, reaching RO 104 million, compared to the end of January 2023. The re-exports value of electrical machinery and equipment recorded an increase of 19.5%, reaching RO 32 million.

Meanwhile, the re-exports value of transportation equipment decreased by 31.5%, reaching RO 24 million, and the re-export value of foodstuff, beverage and tobacco decreased by 10.3%, reaching RO 11 million, as well as the re-export value of live animals and their products decreased by 21.7%, reaching RO 7 million.

As for the registered merchandise imports to the Sultanate of Oman, mineral products recorded the largest value of merchandise imports, up by 15% reaching RO 470 million at the end of January 2024, followed by electrical machinery and equipment and their parts, audio, and broadcasting equipment, which recorded an increase by 10.9% at a value of RO 207 million at the end of January 2024.

In terms of foreign trade exchange with the Sultanate of Oman at the end of January 2024, the Kingdom of Saudi Arabia topped the trade exchange operations with Oman in non-oil exports, with a value of RO 103 million, recording an increase of 82%, compared to the end of January 2023.

Meanwhile, the United Arab Emirates topped the trade exchange operations in re-exports with the Sultanate of Oman, where the value of re-exports reached RO 31 million at the end of January 2024. The United Arab Emirates also ranked first on the list of the major countries exporting to the Sultanate of Oman, with a value of RO 315 million, recording an increase of 4.2%, compared to the end of January 2023.