Oman's exports drop 8% on decline in oil revenue

The only recorded increase was in the non-oil exports.
Port of Sohar in Oman.
Port of Sohar in Oman.

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The total value of Omani exports declined by 7.9 percent to OMR5.14 billion by the end of the first quarter of 2014, compared with the OMR5.58 billion during the same period last year.

This figure includes oil and gas, non-oil products and re-exports

Recently released foreign trade figures issued by the National Centre for Statistics and Information (NCSI) revealed the decline was due to a 9.3 percent fall in oil and gas exports by the end of the first quarter of 2014, when compared with the same period in 2013, generating export revenue of OMR3.37 billion by the end of March 2014, compared with OMR3.72 billion by the end of March 2013.

Within the exports category, the only increase recorded was in the non-oil exports which grew by 23.4 percent totalling some OMR1.01 billion at the end of March 2014 compared with OMR818.2 million during the same period in 2013.

The growth in the non-oil exports is largely due to the increase in mineral products exports, rising 69.2 percent from OMR213 million registered by the end of March 2013 to OMR360.4 million during the first quarter of 2014.

According to the NCSI foreign trade report, the total value of merchandise imports declined by 8.1 percent, totaling OMR2.94 billion by the end of March 2014 compared to OMR3.20 billion during the same period in 2013.

The total volume of merchandise imports by volume registered a drop of 7.4 percent by the end of March 2014, totaling 5.98 million tonnes compared with 6.46 million tonnes recorded during the same period in 2013.

The total value of merchandise imports arriving via sea routes dipped by the end of March 2014 to OMR1.93 billion compared to OMR2.31 billion during the same period in 2013, representing a decline of 16.3 per cent.

Meanwhile, when measured by volume, imports by sea increased by 6.2 per cent to 3.87 million tonnes by the end of March 2014 when compared with 3.65 million tonnes during the same period in 2013.

Additionally, the total value of the merchandise imports arriving via land routes grew by 28.5 per cent recording OMR789.2 million by the end of March 2014, compared with OMR614.2 million during the same period in 2013.

However, the total volume of merchandise arriving via land outlets declined by 24.8 per cent dropping from 2.8 million tons by the end of March 2013 to 2.10 million tonnes during the same period in 2014.

Over the same period, the total value of merchandise imports arriving via air routes declined by 21.2 per cent recording OMR215.5 million compared with OMR273.5 million by the end of March 2013.

Additionally, the total volume of merchandise arriving via air outlets recorded a drop of 39.1 per cent with 11,300 tonnes recorded by the end of March 2014 compared with 18,600 tonnes during the same period in 2013.

During the same period, the total value of re-exports declined by 27.2 per cent recording a total value of OMR760.6 million by the end of the first quarter of 2014 against OMR1.04 billion in the same period last year.

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