Oman Trade, Exports and Imports

Oman ranks 65th out of 183 countries in the ‘Ease of Doing Business’ index for 2009. Omani exports have good access to international markets, especially in comparison to its region and income group. Oil accounted for about 70 percent of Oman’s export revenues over the last decade. Therefore, Oman benefited from the high oil prices in 2008, which peaked at US$147 per barrel in July.

Oman ranks 65th out of 183 countries in the ‘Ease of Doing Business’ index for 2009. Omani exports have good access to international markets, especially in comparison to its region and income group. Oil accounted for about 70 percent of Oman’s export revenues over the last decade. Therefore, Oman benefited from the high oil prices in 2008, which peaked at US$147 per barrel in July.

In the last 30 years Oman has increasingly relied on imports due to its small industrial and agricultural sector. Food imports, mainly from the UAE accounted for 14 percent of total value of imports in 1999. Non-oil exports only accounted for 35 percent in 1999. Oman has steadily increased its production of crude oil and enjoyed trade surpluses in the past decade. However, the size of the surplus varies from year to year with world prices of crude oil.

Oman Trade: Exports and Imports

Oman’s principle export is oil and in 1999 the commodity accounted for 76 percent of all exports. In the 1980s, oil accounted for over 90 percent but its share has declined due to the falling price of crude oil. The second major export in Oman is re-exports such as foodstuffs and animal products. The bulk of imports come from the United Arab Emirates and Japan, and include food and live animals, beverages and tobacco, crude materials, and minerals.

However exports dropped in 2009 to $29.34 billion from $33.9 billion in 2008 as the prices of oil fell, and exports fell by 8.6 percent on a year-on-year basis. Exports further plummeted by 26.9 percent in U.S. dollar terms in the first quarter of 2009 (as oil prices fell to around US$40 per barrel) compared to the same period the year before.

Oman’s primary export commodities include petroleum, re-exports, fish, metals and textiles to main export partners China (31.7 percent), South Korea (17 percent), UAE (11.7 percent), Japan (11 percent) and Thailand (7.1 percent) according to 2010 figures.

Oman Trade Statistics at a Glance:

Exports: $29.34 billion (2010 estimates)
Export commodities: petroleum, reexports, fish, metals, textiles
Export partners: China 31.7%, South Korea 17%, UAE 11.7%, Japan 11%, Thailand 7.1%
Imports: $18.41 billion
Import commodities: machinery and transport equipment, manufactured goods, food, livestock, lubricants
Import partners: UAE 27.2%, Japan 15.6%, US 5.7%, China 4.6%, India 4.5%, South Korea 4.2%, Germany 4.2% UAE 19.3%, Japan 17.6%, US 7.4%, Germany 5.2%, India 4.1%