MUSCAT: Oman non oil exports grew more than 28 per cent in the first seven months of 2017 as the sultanate’s trade with neighbouring GCC countries recorded a sharp rise amid recovery in oil prices this year.
Total value of non-oil exports hit RO1.83bn during January July period of this year compared to RO1.42bn in the same period of 2016, the statistics released by the National Centre for Statistics and Information (NCSI) showed. GCC countries have again shown their dominance as Oman’s most valuable market for non-oil exports, with new figures showing exports to Saudi Arabia, UAE and Qatar grew sharply during January July period. Oman’s trade figures showed that non-oil exports to Saudi Arabia jumped 81.5 per cent to RO292.2mn in the first seven months of 2017 from RO161mn in the same period of last year. Exports to the UAE, which continued to remain Oman’s biggest non-oil trading partner, rose 10.6 per cent to RO407mn from RO368mn in the same period a year ago. Exports to Qatar surged 133.7 per cent to RO91.6mn this year compared to RO39.2mn in 2016.
He expects Oman’s trade with GCC nations to further grow in 2018 as the rebound in oil prices likely to improve economic activities in the region. “There should be an improvement in economic activities, particularly in terms of infrastructure and industrial projects which were put on hold in some of the neighbouring countries. Consumption is also likely to grow in the GCC states which should boost regional trade.” Oman this year also managed to achieve substantial growths in its non-oil shipments to India and China. While non-oil exports to India rose 21.2 per cent to RO190mn, the sultanate’s non-oil exports to China recorded a remarkable 30.4 per cent growth to RO141mn from RO108mn a year earlier.
On the other hand, total value of re exports from Oman fell 20.3 per cent to RO991.8mn during the first seven months of 2017 from RO1.24bn in the same period of 2016.
