Oman flag Oman: Economic and Political Overview

Foreign trade figures of Oman

Foreign Trade in Figures

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 20182019202020212022
Imports of Goods (million USD) 25,77023,50728,50730,99538,704
Exports of Goods (million USD) 41,76138,72433,47944,59166,456
Imports of Services (million USD) 11,72912,1128,1778,45310,607
Exports of Services (million USD) 4,5914,8982,2371,7332,787

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 89.089.386.591.993.9
Trade Balance (million USD) 8,76518,08418,2297,63816,542
Trade Balance (Including Service) (million USD) 1,88910,94611,0151,6979,822
Imports of Goods and Services (Annual % Change) 13.8-4.4-3.4-8.92.7
Exports of Goods and Services (Annual % Change) -0.82.81.9-14.614.2
Imports of Goods and Services (in % of GDP) 43.238.737.044.841.4
Exports of Goods and Services (in % of GDP) 45.750.649.547.152.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 9.29.91.22.93.4
Volume of imports of goods and services (Annual % change) 7.113.63.40.91.5

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Oman is a member of the Arab League. The country is also part of the Greater Arab Free Trade Area (GAFTA) Agreement, a pact of the Arab League entered into force in January 2005 which aims to form an Arabic free trade area.

Member of the WTO (since Novembre 2000)

Member of the Gulf Council Cooperation

 

Main Partner Countries

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%.

 
 

Main Products

44.6 bn USD of products exported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 41.9%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 9.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 8.7%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg) 3.4%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.1%
See More Products 34.1%
31.0 bn USD of products imported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 10.9%
Iron ores and concentrates, incl. roasted iron...Iron ores and concentrates, incl. roasted iron pyrites 6.1%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.5%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 1.9%
See More Products 73.1%

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.

 

Main Services

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: December 2023

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