Oman, Europe trade hits $2.28m in May, marking 9.5% growth

RIYADH: Oman’s trade exchange with European nations witnessed a notable rise by the end of May, reaching 878 million Omani rials ($2.28 billion). 

This marks a 9.5 percent increase from the 802 million rials recorded during the same period last year, according to preliminary government data.

The upward trend reflects Oman’s expanding trade relations with the continent, driven by a significant surge in the country’s exports. 

The total value of the sultanate’s exports to European countries soared to 197 million rials by the end of May, representing a 63.9 percent increase compared to 120 million rials in May in 2023.

In terms of volume, these exports weighed 444 million kilograms, up from 269 million kilograms the previous year.

The figures, issued by the National Center for Statistics and Information, illustrate Oman’s strategic efforts to enhance its trade footprint in Europe, reflecting the Gulf nation’s broader economic diversification strategy to reduce dependency on oil revenues. 

The increase in exports and re-exports, particularly to key European markets like Germany and Belgium, underscores the growing demand for Omani goods in these regions, contributing to the overall resilience and growth of the national economy.

While exports surged, Oman’s imports from European countries slightly declined. By the end of the same period, the total value of imports stood at 620.34 million rials, down by 1.5 percent from the 630.06 million rials recorded at the same time in 2023. 

The total weight of these imports also decreased, dropping to 845.71 million kilograms from 940.37 million kilograms a year earlier.

Re-exports from Oman to Europe also saw growth, with a total value of 60.79 million rials by the end of May, an increase of 17.4 percent from 51.76 million rials the same month last year.

The weight of re-exported goods more than doubled, reaching 6.08 million kilograms compared to 2.06 million kilograms in the previous year.

Germany emerged as Oman’s top European trading partner, underscoring the strong economic ties between the two nations. Omani exports to Germany amounted to 9.2 million rials by the end of May, while imports from Germany reached 88.56 million rials. The re-export value to Germany totaled 19.85 million rials.

Belgium ranked second with exports totaled 6.04 million rials by the end of May and imports valuing at 100.92 million rials. Re-exports to Belgium stood at 2.36 million rials, highlighting the importance of Belgium as a re-export hub for Omani goods.