Oman's economic outlook for 2025 appears optimistic as recent statistics indicate significant growth in the country's trade surplus and export volumes. Over the first eleven months of 2024, Oman reported a trade surplus of 7.13 billion Omani rials (approximately 18.5 billion USD), marking an increase of 2% and surpassing the figures from the same period last year.
According to the National Centre for Statistics and Information (NCSI), total exports reached 22.22 billion rials (57.71 billion USD), reflecting a promising growth rate of 7.7%. This upswing has been attributed primarily to the booming oil and gas sector, whose exports accounted for 14.99 billion rials, experiencing substantial growth of 19.7%. Notably, crude oil exports rose to 9.12 billion rials, encompassing a 2.5% increase, alongside refined oil exports which surged dramatically by 174.9% to hit 3.57 billion rials.
Though the oil and gas exports shone brightly, the overall export picture was not without its shadows. The value of liquefied natural gas exports fell to 2.29 billion rials, recording a slight decrease of 1.1% compared to the previous year’s figures. Further reflecting the mixed results across various sectors, non-oil exports also took a hit, plummeting by 16.6% to 5.64 billion rials by the end of November 2024.
Within the non-oil sector, mineral products stood out, contributing significantly with export values reaching 1.61 billion rials, growing by 35.2%. Other categories included ordinary metals and their products at 1.2 billion rials (down 1.1%), and plastic and rubber products valued at 896 million rials, marking a 10.1% increase. Those engaged with the chemical industries, on the other hand, observed exports fall to 725 million rials—a decrease of 22%—while live animals and other animal products dropped by 12.3% to 320 million rials.
Oman's re-export activities also gained momentum, showing growth of 18.3%, bringing the total re-exports to 1.59 billion rials by the end of November 2024. The re-export of food and beverage products saw remarkable success increasing by 30.2% to 168 million rials, as well as minerals experiencing comparable growth of 43.1% to 119 million rials. These figures highlight Oman’s expansive trading relationships within the region, especially with its neighbors.
While evaluating import performances, mineral products dominated, reaching 4.21 billion rials (up 5.9%). Electrical machinery and equipment imports closely followed, amounting to 2.60 billion rials amid notable growth of 26%. Comparatively, imports of ordinary metals reflected modest shifts with their value falling slightly to 1.45 billion rials, as chemical industries remained consistent, showcasing values slightly rising to 1.4 billion rials.
Given the competitive nature of Oman's trading patterns, it remains important to note the significant contributors to its non-oil trading environment. Following the United Arab Emirates, which recorded non-oil export values of 935 million rials (up 8.1%), Saudi Arabia emerged as the next leading partner with 764 million rials, with South Korea closely behind at 611 million rials as well.
Despite witnessing some declines, the Omani economy seems to be preparing for the 2025 budget planning with positive economic forecasts based on increasing oil-related revenues and enhanced trading partnerships. Focused on creating pathways forward, Oman's government is tasked with nurturing its economic gains and catering to diverse sectors as it fosters growth through budget planning and fiscal policies.
The solid figures reflected by the National Centre for Statistics and Information will likely serve as key markers for economic policy as Oman moves forward. By continuing to build upon these successes, Oman is positioned to improve its economic foundations for future sustainability.