Oman-Europe Trade Rises by 9.5% to $2.28 Billion
Oman’s trade exchange with European countries reached 878 million Omani rials (equivalent to $2.28 billion) in the first five months of 2024, reflecting a 9.5% increase compared to 802 million rials recorded during the same period last year, according to preliminary government data.
Expanding Trade Relations with Europe
This upward trend underscores Oman’s expanding trade relations with Europe, driven by a significant surge in the country’s exports. The total value of Oman’s exports to European countries in the first five months of 2024 soared to 197 million rials, marking a 63.9% increase from 120 million rials in May 2023.
Oman’s Strategy for Economic Diversification
The figures released by the National Centre for Statistics and Information highlight Oman’s strategic efforts to strengthen its trade presence in Europe, reflecting the country’s broader strategy to diversify its economy and reduce dependency on oil revenues.
Increase in Exports and Decrease in Imports
The increase in exports and re-exports to key European markets such as Germany and Belgium indicates a growing demand for Omani goods in these regions, contributing to the resilience and overall growth of the national economy. While exports increased, Oman’s imports from European countries slightly declined. In the first five months of 2024, the total value of imports stood at 620.34 million rials, a 1.5% decrease from the 630.06 million rials recorded during the same period in 2023.
Germany and Belgium: Key Trade Partners
Germany, as Oman’s largest European trading partner, plays a significant role in these trade relations. Omani exports to Germany in the first five months of 2024 amounted to 9.2 million rials, while imports from Germany reached 88.56 million rials. Re-exports to Germany totaled 19.85 million rials. Belgium ranked second, with exports totaling 6.04 million rials and imports valued at 100.92 million rials. Re-exports to Belgium reached 2.36 million rials, emphasizing Belgium’s importance as a re-export hub for Omani goods.
Source: Oman-Europe Trade Rises by 9.5% to $2.28 Billion (gdnonline.com)
