What's Hot

    Bahrain hosts Egyptian delegation as trade soars

    June 29, 2022

    Dubai Chambers registers over 1,600 African companies since October 2021

    June 28, 2022

    GrubTech: Transforming restaurants and cloud kitchens

    June 27, 2022
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      ACWA Power consortium signs agreement for 1.1 GW wind project in Egypt

      June 23, 2022

      Gulf sovereign funds sign deal to spur investment in Africa

      June 22, 2022

      Algeria and Qatar to explore tourism and real estate investments

      June 21, 2022
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Bahrain hosts Egyptian delegation as trade soars

      June 29, 2022

      Dubai Chambers registers over 1,600 African companies since October 2021

      June 28, 2022

      Sierra Leone’s Investment and Export Promotion Agency meet with Qatar Chamber to discuss economic cooperation

      June 16, 2022
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      ITFC begins disbursing additional USD 3 billion in credit to Egypt, willing to provide more

      Agri commodities Agri-Business Islamic finance June 17, 2022
      Recent

      ITFC begins disbursing additional USD 3 billion in credit to Egypt, willing to provide more

      June 17, 2022

      MENA startups raise USD 176 million in May

      June 14, 2022

      ITFC doubles Egypt’s credit limit to USD 6 billion to cover imports of wheat

      May 30, 2022
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Business & Trade

    Oman: Exports increase by over 50% year on year

    June 8, 20223 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Oman
    Salalah is home to Oman's largest port facility.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Oman has released statistics reporting that oil and non-oil exports have increased by more than 50% year on year as the country seeks to diversify its economy.

    Oman’s exports have grown by over 50% between 2021 and 2022, according to the Omani government. A 55.9% increase in exports was recorded between January 2021 and 2002, according to the National Centre for Statistics and Information.

    Oman’s exports

    In 2021, merchandise accounted for USD 44.54 billion, oil and gas accounted for USD 26.05 billion, and non-oil exports accounted for USD 15.04 billion. Re-exports brought in USD 3.43 billion.

    In January 2022, oil and gas accounted for USD 2.99 billion, up from USD 1.88 billion the year before. Non-oil exports in January 2022 accounted for USD 1.62 billion, compared to USD 962.18 million in 2021.

    Oman’s leading non-oil exports over 2021 included chemical products, which brought in USD 3.21 billion, base metals and metal products (USD 3.45 billion), minerals (USD 2.19 billion), and plastics and plastic products (USD 2.31billion).

    Oman’s imports

    Oman’s key imports include minerals (USD 5.66 billion), base metals and metal products (USD 3.92 billion), transport equipment (USD 3.17 billion), chemical products (USD 2.99 billion), prepared food and beverages (USD 1.57 billion), vegetable products (USD 1.76 billion), and live animals and animal products (USD 1.49 billion).

    Diversification

    “For Oman, greater revenue will provide welcome budgetary relief in the short-term, after the economic impact of COVID-19,” said Dr. C.K. Anchan, an advisor on economics, international trade and investments. “The government may use a portion of these earnings to invest in efforts to diversify the economy and energy investments, particularly renewable and hydrogen.”

    Oman is seeking to diversify its economy through bolstering its non-oil sectors. Tanfeedh, Oman’s economic diversification plan, and Vision 2040, seek to build a sustainable, diverse economy.

    “There are lots of aspects of economic diversification,” said Issam Abousleiman, country director of the GCC countries, Middle East and North Africa at the World Bank. “One aspect is diversification of the economy: expanding existing sectors and developing new ones. Here Oman could focus on areas of comparative advantage. Oman should be focused on export markets for goods and services. The first step for any oil rich country is to diversify into oil-related industries, usually the downstream petrochemical industries, beginning with the basics such as fertilizers, but then moving up the value chain through advanced plastics.”

    Largest trade partners

    The UAE is Oman’s biggest export partner for non-oil goods, having imported USD 2.56 billion worth of goods in 2021 and exports to Saudi Arabia accounted for USD 1.47 billion. The UAE recently reported that its non-oil trade had broken previous records, registering USD 136 billion in the first quarter of 2022.

    Oman’s largest African export markets in 2020 included South Africa (USD 665 million), Egypt (USD 273 million) and Mozambique (USD 90.7 million).

    exports Imports Oman trade
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleEgypt to begin testing new wheat mutations next August
    Next Article Morocco to host UAE delegation in efforts to bolster economic cooperation

    Related Posts

    Business & Trade

    Bahrain hosts Egyptian delegation as trade soars

    June 29, 2022
    Business & Trade Commodities

    Dubai Chambers registers over 1,600 African companies since October 2021

    June 28, 2022
    Agri commodities Agri-Business Islamic finance

    ITFC begins disbursing additional USD 3 billion in credit to Egypt, willing to provide more

    June 17, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    LATEST STORIES

    Bahrain hosts Egyptian delegation as trade soars

    June 29, 2022

    Dubai Chambers registers over 1,600 African companies since October 2021

    June 28, 2022

    GrubTech: Transforming restaurants and cloud kitchens

    June 27, 2022

    FDI: The UAE receives 41% share of investments across Arab countries

    June 24, 2022

    ACWA Power consortium signs agreement for 1.1 GW wind project in Egypt

    June 23, 2022
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.