Oman non-oil exports to UAE, Saudi surge up to 93%

  • Share via facebook
  • Tweet this
  • Bookmark and Share
crude oil tanker

crude oil tanker

Oman’s expansion of non-oil economic activities has seen trade with its large neighbouring economies, the UAE and Saudi Arabia, grow up to 93 percent last year, a report shows.

Data released by the National Centre for Statistics and Information (NCSI) showed Oman's total non-oil exports recorded an 8.5 percent year-on-year rise to OR2.33 billion ($6.78bn) in the first eight months of 2013.

Of that,  non-oil exports to the UAE grew by 24.4 percent to OR428 million, making the emirates Oman’s biggest non-oil trading partner, the Muscat Daily reported.

Saudi Arabia emerged as Oman's second biggest non-oil trading partner, with non-oil exports to the kingdom jumping 93 percent to OR306m.

Oman’s total re-exports increased 45 percent to OR2.39bn in the first eight months of 2013, of which re-exports to the UAE stood at OR838m, accounting for 35 percent of the total.

Re-exports to Saudi Arabia surged by 132 percent to OR249m.

“The trends in non-oil trade reflect Oman's increasing integration with neighbouring economies such as UAE, which has rebounded strongly,” Fabio Scacciavillani, chief economist with the Oman Investment Fund, was quoted as saying.

“There are positive repercussions on Oman from strong growth in neighbouring countries.”

Scacciavillani said that robust growth in non-oil exports and re-exports also reflected the internationalisation of Omani firms, which were looking to tap foreign markets.

“It is a healthy development for a small economy like Oman that local companies are expanding their markets abroad as it is needed due to the saturation in domestic markets,” he said.

The export of mineral products, which is the largest component of non-oil exports, jumped 51 percent to OR670m in the first eight months of 2013 from OR444m in the previous year.

In the recent state budget, the Oman Government expected non-oil economic activity to grow by 7.3 percent in 2014.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Crude control

Crude control

The startling fall in the oil price has renewed questions about...

Saudi Arabia, Kuwait shared zone tensions underlie oilfield closure

Saudi Arabia, Kuwait shared zone tensions underlie oilfield closure

Crude output from jointly-run offshore Khafji oilfield has been...

The billion dollar war

The billion dollar war

As US president Barack Obama seeks to slash the Pentagon’s budget...

Most Discussed
  • 16
    ‘How my Dubai mortgage landed me in a police cell’

    loans in any form need to filtered with the terms and condition, assuming thing will be in order is not excuse, one need to check with banks when property... more

    Friday, 31 October 2014 5:49 PM - Jacob
  • 10
    Do you actually own your house?

    This is unbelievable from Nakheel. In a case where we want landscape our garden with some tiles and grass costing around 12500, Nakheel is demanding a... more

    Thursday, 30 October 2014 9:06 PM - skp
  • 1
    Men arrested for working in women's shops in Saudi

    “We won’t spare any mall or shop employing expatriate men to sell women’s accessories,” the ministry’s director general in Makkah, Abdul Monem Al Shahri... more

    Friday, 31 October 2014 12:22 PM - cba