41% Increase in Gold Imports to Oman
According to data from the National Center for Statistics and Information, gold imports to the Sultanate of Oman rose by 41% in the first five months of 2024, reaching RO 176,591,960 (approximately $458 million USD). This compares to RO 125,100,929 (approximately $324 million USD) for the same period in 2023.
The total weight of gold imported during this period was 8,443 kilograms, up from 5,675 kilograms in the previous year.
Table: Major Gold Exporters to Oman
| Country | Export Value (RO) | Export Value (USD) |
|---|---|---|
| United Arab Emirates | RO 170,395,964 | Approximately $442 million |
| Hong Kong | RO 3,173,485 | Approximately $8.2 million |
| Turkey | RO 1,420,125 | Approximately $3.7 million |
In contrast, gold exports from Oman reached RO 14,690,377 (approximately $38.1 million USD) by the end of May 2024, representing a 23% decrease from RO 18,990,962 (approximately $49.3 million USD) in the same period of 2023. The total weight of exported gold decreased to 510 kilograms from 924 kilograms.
Table: Major Gold Importers from Oman
| Country | Import Value (RO) | Import Value (USD) |
|---|---|---|
| United States | RO 7,228,175 | Approximately $18.8 million |
| United Arab Emirates | RO 6,004,272 | Approximately $15.6 million |
| Hong Kong | RO 603,488 | Approximately $1.6 million |
Iran is the leading country for re-exported gold from Oman, with a re-export value of RO 41,594,815 (approximately $108.2 million USD) in the first five months of 2024.
Source: 41% Increase in Gold Imports to Oman – Oman Observer
