16% Decline in Oman’s Non-Oil Exports in 2024; 15% Increase in Re-Exports

Re-exports to Iran saw a significant 70.3% increase, reaching OMR 359 million (≈ $93.3 million) in 2024, compared to OMR 211 million (≈ $54.9 million) in 2023.

Oman’s non-oil exports witnessed a significant annual decline in 2024. This drop was primarily due to reduced shipments to key markets such as Saudi Arabia, India, and the United States, which experienced lower demand compared to the previous year.

According to the latest data from the National Centre for Statistics and Information (NCSI), the total value of Oman’s non-oil exports decreased to OMR 6.232 billion (≈ $16.2 billion) in 2024, a 16.3% decline from OMR 7.442 billion (≈ $19.3 billion) in 2023.

Performance of Key Non-Oil Export Markets from Oman

• United Arab Emirates: Remained the largest destination for Omani non-oil exports, with shipments reaching OMR 1.046 billion (≈ $2.72 billion) in 2024, marking an 11% increase from OMR 943 million (≈ $2.45 billion) in the previous year.
• Saudi Arabia: Experienced a 19% decline, with export value dropping to OMR 849 million (≈ $2.2 billion), compared to OMR 1.047 billion (≈ $2.72 billion) in 2023.
• India: Omani exports to India fell by 17.2%, amounting to OMR 659 million (≈ $1.71 billion), compared to OMR 796 million (≈ $2.07 billion) in the previous year.
• United States: Recorded a 6% decline, with export values at OMR 407 million (≈ $1.06 billion) in 2024, compared to OMR 433 million (≈ $1.12 billion) in 2023.
• South Korea: Emerged as one of Oman’s top export destinations, with a remarkable 430% increase, reaching OMR 656 million (≈ $1.7 billion) in 2024, up from just OMR 124 million (≈ $32.2 million) in 2023.

Performance of Various Export Sectors from Oman

• Mineral Products: Exports in this sector declined by 36.8%, reaching OMR 1.781 billion (≈ $4.63 billion), compared to OMR 2.819 billion (≈ $7.3 billion) in 2023.
• Base Metals and Related Products: Remained stable at OMR 1.320 billion (≈ $3.43 billion) in 2024, indicating consistent demand.
• Chemical Products: Declined by 19.6%, with export value dropping from OMR 1 billion (≈ $2.6 billion) in 2023 to OMR 804 million (≈ $2.09 billion) in 2024.

Increase in Re-Exports Due to Regional Demand from Oman

In contrast to the decline in non-oil exports, Oman’s re-exports grew by 14.9% in 2024, driven by rising demand from regional markets such as UAE, Kuwait, Iran, and China. According to NCSI data, the total value of Oman’s re-exports stood at OMR 1.708 billion (≈ $4.44 billion), up from OMR 1.487 billion (≈ $3.87 billion) in the previous year.

• United Arab Emirates: Re-exports to this country increased by 13%, reaching 569 million Omani rials (≈ 1.48 billion USD) in 2024.
• Kuwait: Experienced a remarkable growth of 58.6%, with the re-export value reaching 117 million Omani rials (≈ 304.2 million USD) in 2024, compared to 74 million Omani rials (≈ 192.4 million USD) in 2023.
• Iran: Saw an increase of 70.3%, with re-exports reaching 359 million Omani rials (≈ 933.4 million USD) in 2024, whereas in 2023, this figure stood at 211 million Omani rials (≈ 548.6 million USD).
• China: Experienced the highest growth in Oman’s re-exports, with a 302.6% increase, reaching 61 million Omani rials (≈ 158.6 million USD) in 2024, compared to 15 million Omani rials (≈ 39 million USD) in the previous year.

Conclusion

While Oman’s non-oil exports have declined, re-exports have seen significant growth due to rising regional demand. This trend highlights the dynamic shifts in Oman’s foreign trade and the crucial role of re-exports in boosting the national economy.