Oman: Visió econòmica i política
Oman's economy is highly open, with trade constituting approximately 94% of the country’s GDP, according to the World Bank. The Sultanate primarily exports hydrocarbons and petrochemicals but has been striving to diversify its economy in recent years, with an increasing share of industrial products in total exports. Oman's economy heavily relies on exports of oil (50.6% of total exports) and liquefied natural gas (9.9%), with other exports including chemicals, plastics, and rubber products. In contrast, the main imports consist of petroleum oils, iron ores, vehicles, telephones, and gold.
The United Arab Emirates, Saudi Arabia, the United States, India, and China are Oman’s main export partners, while imports primarily originate from the United Arab Emirates, China, India, Qatar, and Brazil. Oman benefits from high-quality port facilities that facilitate trade; however, slow procedures and rigid labor laws remain significant obstacles. Customs duties are relatively low, and there are few trade barriers in the country, with goods produced in Gulf Cooperation Council (GCC) member countries being duty-free if accompanied by a certificate of origin.
According to WTO data, Oman's goods exports totaled USD 66.4 billion in 2022, marking a 49% increase from the previous year due to higher hydrocarbon prices, while imports amounted to USD 38.7 billion, up by 24%. The country maintains a structural trade surplus, although it is highly sensitive to fluctuations in hydrocarbon prices. However, non-oil exports experienced a 2.8% year-on-year decrease during the first 10 months of 2023, primarily attributed to reduced shipments to the United States. The total value of non-oil exports decreased to OMR 6.122 billion during the January–October period of 2023 compared to OMR 6.297 billion recorded in the same period the previous year. Additionally, by the end of December 2023, Oman's total oil exports amounted to 310,331,200 barrels, with an average price per oil barrel of USD 82.3, according to data issued by the National Centre for Statistics and Information (NCSI).
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 23,507 | 28,507 | 30,995 | 38,573 | 36,382 |
Exports of Goods (million USD) | 38,724 | 33,479 | 44,591 | 66,063 | 62,736 |
Imports of Services (million USD) | 12,112 | 8,177 | 8,453 | 10,607 | n/a |
Exports of Services (million USD) | 4,898 | 2,237 | 1,733 | 2,787 | n/a |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 89.0 | 89.3 | 86.5 | 91.9 | 93.9 |
Trade Balance (million USD) | 8,765 | 18,084 | 18,229 | 7,638 | 16,542 |
Trade Balance (Including Service) (million USD) | 1,889 | 10,946 | 11,015 | 1,697 | 9,822 |
Imports of Goods and Services (Annual % Change) | 13.8 | -4.4 | -3.4 | -8.9 | 2.7 |
Exports of Goods and Services (Annual % Change) | -0.8 | 2.8 | 1.9 | -14.6 | 14.2 |
Imports of Goods and Services (in % of GDP) | 43.2 | 38.7 | 37.0 | 44.8 | 41.4 |
Exports of Goods and Services (in % of GDP) | 45.7 | 50.6 | 49.5 | 47.1 | 52.5 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 5.8 | 8.0 | 3.9 | 4.5 | 3.6 |
Volume of imports of goods and services (Annual % change) | 4.4 | 10.8 | 1.7 | 1.2 | 1.8 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Member of the WTO (since Novembre 2000)
Member of the Gulf Council Cooperation
Main Customers (% of Exports) |
2023 |
United Arab Emirates | 6.4% |
Saudi Arabia | 5.0% |
India | 3.8% |
South Africa | 2.4% |
United States | 2.3% |
See More Countries | 80.2% |
Main Suppliers (% of Imports) |
2023 |
United Arab Emirates | 26.3% |
Saudi Arabia | 12.4% |
China | 7.3% |
India | 7.2% |
Qatar | 5.6% |
See More Countries | 41.3% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
1.7 bn USD of services exported in 2021 | |
35.86% | |
22.89% | |
20.88% | |
Personal travelPersonal travel | 15.66% |
OtherOther | 43.25% |
Business travelBusiness travel | 5.22% |
13.89% | |
3.35% | |
2.13% | |
1.00% |
8.5 bn USD of services imported in 2021 | |
44.71% | |
15.21% | |
13.56% | |
10.92% | |
Personal travelPersonal travel | 9.60% |
OtherOther | 44.36% |
Business travelBusiness travel | 1.32% |
5.80% | |
5.57% | |
4.23% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: May 2024