Muscat: The trade balance of the Sultanate of Oman recorded a surplus of RO 6.9 billion at the end of November 2023, compared to a surplus of RO 9.5 billion during the same period in 2022, according to preliminary statistics issued by the National Centre for Statistics and Information.
Statistics indicate that the value of merchandise exports at the end of November 2023 recorded RO 20,636 billion, declining by 11.4% from the same period of 2022, when it was RO 23,289 billion, while the value of merchandise imports to the Sultanate of Oman amounted to RO 13,639 billion, decreasing by 0.5% at the end of November 2023 compared to the same period last year, which amounted to RO 13,702 billion.
The decline in the value of exports is mainly due to the decline in the value of oil and gas exports to RO 12,525 billion, a rate of 17.7% from the end of November 2022, which amounted to RO 15,215 billion.
Among oil and gas exports, the value of crude oil exports amounted to about RO 8,904 billion by the end of November 2023, recording a decrease of 17.3% compared to the same period of the previous year, and the value of refined oil exports decreased to RO 1.3 billion, or 23.5%. The value of exports of liquefied natural gas decreased to RO 2,321 billion, by 15.7%, compared to the end of November 2022, which amounted to RO 2,752 billion.
The statistics revealed a decline in the value of non-oil merchandise exports by 1.4% at the end of November 2023, to reach RO 6.767 billion, compared to the end of November 2022, when it was 6,866 billion at the time.
Mineral products had the highest value among non-oil commodity exports, reaching RO 2.496 billion, an increase of 20.3%, followed by ordinary metals and their products at RO 1,216 billion, a decrease of 11.1%, followed by chemical industry products, with an export value of RO 929 million, a decrease of 30.3%.
The value of exports of plastic and its products and rubber and its products decreased to RO 814 million, by 21.6%, while exports of live animals and their products increased by 23%, to reach RO 365 million. The value of exports of other products reached RO 948 million.
The value of re-exports increased to RO 1,343 billion, or 11.1%, by the end of November 2023, compared to the end of November 2022. The value of re-exports of transport equipment recorded an increase of 5.2% to record RO 377 million. The value of re-exports of other products also increased.
The value of electric machinery and equipment group rose by 18.5% to reach RO 361 million, and the value of live animals and products rose by 77.4% to RO 103 million.
On the other hand, metal products had the largest value of merchandise imports to the Sultanate of Oman, recording RO 3,846 billion at the end of last November 2023, declining by 4.6%, followed by machinery, appliances, electrical equipment and their parts at a value of RO 2,069 billion, recording a growth of 7.5% by the end of November 2023.
The Kingdom of Saudi Arabia topped the trade exchange transactions in non-oil exports, and their value at the end of November 2023 amounting to about RO 981 million, an increase of 29.7% from the end of November 2022, while the United Arab Emirates topped the trade exchange transactions in re-exports from the Sultanate of Oman, where the value reached RO 465 million at the end of November 2023. The United Arab Emirates also ranked first in the list of top countries exporting to the Sultanate of Oman, with a value of RO 3,628 billion, a decrease of 8.6% from the end of November 2022.
