MUSCAT: Oman’s total exports for the first four months of 2015 declined by 32.9 percent to OMR4.53 billion from OMR6.76 billion for the same period last year.
The fall in export revenue was mainly on account of a plunge in oil and gas prices in international markets and re-exports. The average price of Oman Crude dipped by 43.7 per cent to $59.3 per barrel for the first half of this year from $105.38 a barrel for the same period of 2014.
As a result, exports of crude oil, petroleum products and liquefied natural gas plunged by 36.5 percent to OMR2.83 billion in the first four-month period of 2015 from OMR4.46 billion in the same period last year. Of this, crude oil exports showed a 38.6 percent fall, while liquefied natural gas exports were down by 18.5 percent. The Sultanate produced 175.67 million barrels of crude oil in the first half of 2015, up by 2.9 percent over the same period last year.
Likewise, non-oil exports plunged by 20 percent to OMR1,007.8 million from OMR1,260 million, according to the latest monthly report released by National Centre for Statistics and Information (NCSI). Among various product segments, plastics and rubber products plummeted by 33.9 percent to OMR83.5 million.
The Sultanate’s export promotion agency is targeting a 15 percent growth in non-oil exports.
Re-exports also showed a drastic fall of 32.8 percent to OMR694.4 million from OMR1,034.1 million during the four-month period under view.
Oman’s export development agency Public Authority for Investment Promotion and Export Development (popularly known as Ithraa) is taking several initiatives to enhance non-oil exports. These programmes include visits of trade delegation, participation in international exhibitions, business-to-business meetings and market studies in potential export markets.
Oman’s leading market for non-oil exports is the United States, which imported non-oil Omani goods worth OMR206.4 million for the first four months. The Sultanate’s non-oil exports to Saudi Arabia showed a fall of 18 percent, compared to the previous year, according to National Centre for Statistics and Information.
