Oman’s total exports dropped by 5.7 per cent in 2014 to OMR20.46 billion compared with OMR21.70bn for the previous year, new data indicates.
The drop in the country’s exports is mainly driven by lower oil and gas prices, especially in the last quarter of 2014, according to a report by the National Centre for Statistics and Information.
The figures show that oil and gas revenues edged down by 6.7 per cent to OMR13.39bn in 2014, from OMR14.35bn in 2013.
According to the data, published by the Times of Oman, the sultanate produced 344.37 million barrels of crude oil in 2014, of which 292.16m barrels were exported.
Meanwhile, non-oil exports grew by 8.4 per cent to OMR4.12bn, but the growth ratio remains way below the target, which is set at 15 per cent a year.
The report indicates that Oman’s top non-oil exports were aluminium smelter, petrochemicals, plastics and rubber, fertilisers and iron and steel.
The country continues to work in expanding its non-exports base to contain shocks due to volatility in international oil prices.
Top buyers of Oman’s non-oil products are led by the United Arab Emirates and followed by Pakistan, Saudi Arabia, India and the United States of America.