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Oman trade surplus at OMR930m in 4 months

This represents decline of almost 70 per cent while oil and gas revenues sank by 36.5 per cent

Oman’s trade surplus sank by a major 69.4 per cent in the first months of the current year to stand at OMR930 million.

Official government data reveals that the sultanate’s exports slumped by 32.9 per cent in the January-April period compared with the same period last year.

The country’s exports stood at OMR4.53 billion while imports nudged down by three per cent to OMR3.6bn, the figures by the National Center for Statistics and Information show.

The country’s revenues of crude oil and liquefied natural gas exports sank by 36.5 per cent in the four-month period to stand at OMR2.8bn from OMR4.4bn in the same period last year.

Oman’s production of crude oil in the first third of the current year edged up 2.3 per cent to 963,900 barrels a day while natural gas imports and production picked up by 5.5 per cent. Total oil exports rose by 8.8 per cent, the data indicates.

Oman crude price averaged $60.5 in the four-month period, indicating a 42.7 per cent decline when compared with last year’s price, which averaged $105.7 a barrel.

The country’s top trading partners included the United Arab Emirates, Saudi Arabia, Japan and South Korea.

Oman trade surplus reached OMR9.1bn in 2014, up by 0.8 per cent when compared with the figure recorded in 2013, according to the data carried by the Oman News Agency.

(OMR1 = AED9.5, at the time of publishing)