MUSCAT: By the end of September 2024, Oman recorded a trade surplus of OMR 6.063 billion, up from OMR 5.611 billion during the same period in 2023, according to initial statistics from the National Centre for Statistics and Information (NCSI).

Exports of goods reached OMR 18.611 billion, reflecting a 10% increase compared to OMR 16.950 billion in the previous year. Imports also rose to OMR 12.178 billion, marking a 10.9% increase from OMR 10.979 billion in the same timeframe.

The rise in exports is primarily attributed to a significant increase in oil and gas exports, which totaled OMR 12.406 billion, a 21.5% rise from OMR 10.213 billion in September 2023. Crude oil exports contributed OMR 7.610 billion, up by 7.6%, while refined oil exports surged by 151.6% to OMR 2.975 billion. Conversely, liquefied natural gas (LNG) exports saw a decline of 7%, totaling OMR 1.822 billion.

Non-oil goods exports decreased by 14.1%, reaching OMR 4.534 billion compared to OMR 5.276 billion in the same period last year. Notably, metal product exports fell by 27.3% to OMR 1.307 billion, and chemical industry products dropped by 25.1% to OMR 575 million.

In terms of imports, metal products accounted for OMR 3.470 million, reflecting a growth of 16.4%. The UAE led non-oil trade exchanges with Oman at OMR 737 million, an increase of 14.1% year-on-year, followed by Saudi Arabia at OMR 602 million and South Korea at OMR 515 million.

For re-exports, Iran was the second-largest partner at OMR 247 million, followed by Kuwait at OMR 99 million, while China topped the list of exporters to Oman with OMR 1.294 billion, closely followed by Kuwait at OMR 1.230 billion.