Oman's non-oil exports fall 16% in 2024; re-exports rise 15%

09/03/2025 06:13 AST

Oman's non-oil exports witnessed a significant year-on-year decline in 2024. This drop was primarily due to a reduction in shipments to key markets, including Saudi Arabia, India, and the United States, which saw a contraction in demand compared to the previous year.

According to the latest figures released by the National Centre for Statistics and Information (NCSI), the total value of the sultanate's non-oil exports decreased by 16.3%, amounting to RO6.232bn in 2024. This is a substantial drop from the RO7.442bn worth of exports recorded in 2023.

The UAE continued to be the top destination for Omani non-oil products, with exports reaching RO1.046bn in 2024. This represents an 11% increase compared to RO943mn in the previous year.

However, Oman's exports to Saudi Arabia experienced a notable decline, dropping by 19% in 2024. The total value of exports to Saudi Arabia fell to RO849mn, down from RO1.047bn in 2023.

Similarly, shipments to India also saw a significant decrease of 17.2%, amounting to RO659mn, compared to RO796mn the previous year. Oman's exports to the United States followed a similar trend, with a decrease of 6%, totalling RO407mn in 2024, compared to RO433mn in 2023.

In a notable shift in the direction of Omani exports, South Korea emerged as the fourth-largest destination for non-oil Omani products in 2024. Exports to South Korea surged by an impressive 430%, reaching RO656mn, compared to just RO124mn recorded in 2023.

Meanwhile, Oman's exports to other countries combined saw a significant drop of over 36%, totalling RO2.615bn in 2024, compared to RO4.1bn in 2023.

The export of mineral products, which make up a substantial portion of Oman's non-oil exports, experienced a sharp decline in 2024. These exports dropped by 36.8%, reaching RO1.781bn, compared to RO2.819bn the previous year. The decrease was attributed to a reduction in demand for these products, which affected the overall export performance.

On a more positive note, exports of base metals and related products remained relatively stable at RO1.320bn in 2024, maintaining the same level as the previous year. This stability indicates that the demand for Omani base metals has remained relatively unaffected by broader market trends.

However, the export of chemical products took a significant hit, plunging by 19.6% to RO804mn in 2024, compared to RO1bn recorded in 2023.

Regional demand boosts re-exports
In contrast to the decline in non-oil exports, Oman's re-exports saw impressive growth in 2024, driven by increasing demand from regional markets such as the UAE, Kuwait, Iran, and China. According to NCSI data, Oman's total re-exports grew by 14.9% in 2024, reaching RO1.708bn, compared to RO1.487bn in the previous year.

The value of re-exports to the UAE surged by 13%, amounting to RO569mn in 2024, underscoring the continued strength of trade relations within the GCC. Meanwhile, re-exports to Kuwait saw a remarkable increase of 58.6%, reaching RO117mn in 2024, compared to RO74mn in 2023.

Re-exports to Iran grew by an impressive 70.3%, reaching RO359mn in 2024, up from RO211mn in 2023.

The most significant growth, however, was seen in Oman's re-exports to China. These surged by an extraordinary 302.6%, reaching RO61mn in 2024, compared to just RO15mn the previous year. This sharp increase indicates the growing demand for Omani products in China.

Muscat Daily