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Oman’s non-oil exports drop to $6.2bn in 2016

MUSCAT, July 20, 2017

Oman's non-oil exports declined to RO2.4 billion ($6.2 billion) in value in 2016, down from RO3 billion ($7.79 billion) a year earlier, a drop of 20.1 per cent, said a report quoting Central Bank of Oman (CBO) data.

The slump was primarily because of the general economic downturn and also on account of lacklustre growth in the GCC and the slowdown in China, the principal destinations for a substantial share of non-hydrocarbon trade outflows, added the Oman Daily Observer report.

The decline was however lower than the steep 27.2 per cent fall in exports registered in 2015 versus the previous year’s high of RO4.1 billion ($10.6 billion) just before the current global downturn was unleashed, it said.

Much of the contraction in the non-oil export sector occurred in commodities falling under the ‘plastics, rubber and articles’ category.

Exports of merchandise under this category fell a hefty 49.1 per cent. Significant reductions were also recorded in the categories for ‘base metals and articles’ (22 per cent), mineral products (17.5 per cent) and chemicals and allied products (15.8 per cent).

Key non-oil exports mainly comprised chemicals, accounting for 24 per cent of total outflows, while vegetable-related products grew five per cent as well.

Relatively depressed economic conditions in the main import markets were also partly to blame, according to the CBO report.

Four countries — the UAE, Saudi Arabia, India and China — account for a more than half of all Omani origin non-oil exports, added the report.

Tags: | Oman | Exports | non-oil | 2016 |

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