Oman: Visió econòmica i política
Oman's economy is very open and trade represented more than 94% of the country’s GDP in 2021 (World Bank, 2023). The Sultanate mainly exports hydrocarbons and petrochemicals, and in the past few years has been trying to diversify its economy, with a growing share of industrial products in total exports. Oman´s economy is highly dependent on exports of oil (42% of total exports) and liquefied natural gas (26%). Other exports include chemicals, plastics and rubber products. The country’s demand for consumer goods and equipment has been growing in the past few years. The main imports are led by petroleum oils, vehicles, electronics and iron.
The UAE is by far the largest receiver of Omani exports, accounting for more than 21% of the total, followed by Saudi Arabia (10.7%), the United States (9.3%) and India (7.2%). The Sultanate’s main suppliers are United Arab Emirates (36%), China (7%), India (6.6%), Qatar and the United States (Comtrade 2022).
According to WTO data, in 2021, Oman exported goods for a total value of 44.59 billion USD, up from 31.68 billion USD the previous year, while imports of goods amounted to 30.99 billion USD, against 20.96 billion USD a year earlier. The country is a net importer of services and its trade balance is structurally positive (16.54 billion USD in 2021) but it is highly sensitive to hydrocarbon prices fluctuations. The country possesses many assets which facilitate the development of trade, such as its high-quality port facilities. However, slow procedures and rigid labour laws remain significant obstacles to trade. Customs duties are relatively low, and there are not many trade barriers in the country. Most goods produced in the Gulf Cooperation Council (GCC) member countries are duty-free if accompanied by a certificate of origin. However, imported alcoholic beverages, tobacco and pork products are subject to the highest custom fees (100%). The government hopes to ratify free trade agreements with the European Union, China and Japan, similar to the one that was signed with the United States in September 2006.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 26,435 | 25,770 | 23,507 | 20,960 | 30,995 |
Exports of Goods (million USD) | 32,904 | 41,761 | 38,724 | 31,685 | 44,591 |
Imports of Services (million USD) | 10,811 | 11,729 | 12,093 | 5,539 | 0 |
Exports of Services (million USD) | 4,010 | 4,591 | 5,001 | 1,830 | 0 |
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 | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 16.7 | 5.5 | 2.9 | 3.0 | 2.8 |
Volume of imports of goods and services (Annual % change) | 28.8 | -4.7 | 0.7 | 2.0 | 0.8 |
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) |
2021 |
United Arab Emirates | 8.6% |
Saudi Arabia | 3.9% |
United States | 3.8% |
India | 3.0% |
China | 2.3% |
See More Countries | 78.4% |
Main Suppliers (% of Imports) |
2021 |
United Arab Emirates | 35.6% |
China | 7.0% |
India | 6.6% |
Qatar | 6.4% |
Brazil | 4.9% |
See More Countries | 39.6% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
2.2 bn USD of services exported in 2020 | |
49.36% | |
19.85% | |
19.02% | |
9.97% | |
1.80% |
8.3 bn USD of services imported in 2020 | |
38.78% | |
33.00% | |
12.72% | |
12.44% | |
3.07% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: September 2023