Oman’s Trade Surplus in 2024 Exceeds $19.5 Billion

The National Centre for Statistics and Information of Oman reported on March 15, 2025, that Oman’s trade balance recorded a surplus of OMR 7.517 billion (≈ $19.55 billion) by the end of December 2024.

Growth in Oman’s Exports and Imports in 2024 “New Report”

Total merchandise exports reached OMR 24.230 billion (≈ $62.99 billion) by the end of December 2024, marking a 6.8% increase compared to 2023.

Total merchandise imports rose to OMR 16.713 billion (≈ $43.44 billion), reflecting a 12.1% increase compared to 2023.

Oil and Gas Exports: The Key Driver of Trade Growth

• Oman’s oil and gas exports amounted to OMR 16.290 billion (≈ $42.34 billion), an 18.4% increase from December 2023.
• Crude oil exports reached OMR 9.908 billion (≈ $25.76 billion), reflecting a 0.8% increase.
• Refined oil exports surged by 185.5% to OMR 3.854 billion (≈ $10.02 billion).
• LNG exports declined by 1.9% to OMR 2.528 billion (≈ $6.57 billion) compared to December 2023.

Decline in Non-Oil Exports in 2024

• Non-oil exports dropped 16.3%, amounting to OMR 6.232 billion (≈ $16.18 billion) by the end of December 2024.
• Mineral products recorded the highest share of non-oil exports, declining by 36.8% to OMR 1.781 billion (≈ $4.62 billion).
• Metal exports increased slightly by 0.1%, reaching OMR 1.320 billion (≈ $3.42 billion).
• Plastic and rubber product exports grew 13.3% to OMR 996 million (≈ $2.58 billion).
• Chemical industry exports declined 19.6% to OMR 804 million (≈ $2.08 billion).
• Live animals and animal product exports fell 11% to OMR 350 million (≈ $907 million).

Increase in Re-Exports from Oman

• Total re-exports reached OMR 1.708 billion (≈ $4.43 billion), marking a 14.9% increase.
• Re-exports of transport equipment dropped 0.6% to OMR 401 million (≈ $1.04 billion).
• Re-exports of machinery and electrical equipment declined 5.4% to OMR 376 million (≈ $977 million).
• Re-exports of food and beverage products increased 30.6% to OMR 184 million (≈ $478 million).
• .(Re-exports of mineral products grew 21.3% to OMR 120 million (≈ $311 million
• Re-exports of live animals and animal products dropped 10.1% to OMR 97 million (≈ $251 million).

Oman’s Imports in 2024

• Mineral products led imports, rising 11.3% to OMR 4.674 billion (≈ $12.13 billion).
• Machinery and electrical equipment imports increased 28.9% to OMR 2.934 billion (≈ $7.61 billion).
• Imports of metals and metal products rose 1% to OMR 1.605 billion (≈ $4.17 billion).
• Imports of chemical products increased 3.1% to OMR 1.516 billion (≈ $3.93 billion).
• Imports of transport equipment rose 13.5% to OMR 1.516 billion (≈ $3.93 billion).

Oman’s Top Trade Partners

United Arab Emirates (UAE) remains Oman’s largest trading partner:

• Largest destination for Omani non-oil exports: OMR 1.046 billion (≈ $2.71 billion), up 11%.
• Top destination for Omani re-exports: OMR 569 million (≈ $1.48 billion).
• Largest exporter to Oman: OMR 3.941 billion (≈ $10.23 billion).

Saudi Arabia ranked second for Omani non-oil exports at OMR 849 million (≈ $2.21 billion).

India was the third-largest non-oil export partner, receiving OMR 659 million (≈ $1.71 billion).

Iran was the second-largest re-export destination at OMR 359 million.

Kuwait ranked third in re-exports at OMR 117 million (≈ $304 million).

China was the second-largest exporter to Oman at OMR 1.830 billion (≈ $4.75 billion).

Kuwait ranked third among Oman’s top suppliers at OMR 1.692 billion (≈ $4.40 billion).

Conclusion

Oman’s trade balance in 2024 recorded a significant surplus, primarily driven by oil and gas export growth. While rising imports and declining non-oil exports present diversification challenges, increasing re-exports and expanding international trade partnerships offer new opportunities for Oman’s economic growth.