Iran-Oman Non-Oil Trade Tops $390m in 9 Months

Non-oil trade between Iran and Oman during the first nine months of the current Iranian year (March 21-Dec. 21, 2017) amounted to more than 1.33 million tons worth $393 million, registering a 24% rise in weight but a 12% fall in value, Iran’s commercial attaché to the neighboring country announced.

“More than 700,000 tons of iron and steel worth close to $200 million were exported to Oman, which accounted for more than half of Iran’s non-oil exports to Oman over the period,” Abbas Abdolkhani was also quoted as saying by IRNA.

Other commodities exported to Oman, according to Mehr News Agency, included tar, copper cathode, petrochemical products, food, fruit, vegetable and construction material.

Oman is Iran’s 11th biggest export destination.

“A new shipping route was launched between Iran’s Khorramshahr Port and Oman’s Sohar Port on Dec. 30. The route is expected to increase bilateral trade to $5 billion in the next four years,” Mohsen Zarrabi, chairman of Iran-Oman Chamber of Commerce, said.

“Trade between the two countries rose from $148 million in the fiscal 2013-14 to $540 million last year [March 2016-17].”

The official noted that the opening of two other shipping routes, namely Chabahar-Sohar and Bushehr-Sohar, is also on the agenda of the joint chamber, Mehr News Agency reported.

Sohar Port is a deep-sea port located in Sohar, the capital and largest city of Al Batinah North Governorate midway between Dubai and Muscat.

Iran exported its first wheat consignment of 29,630 tons to Oman in June.

Oman recorded a surplus of OMR1.403 billion ($3.65 billion) in international trade at the end of September 2017, compared with OMR944.3 million during the same period of 2016.

The total value of exports from the sultanate by the end of September 2017 was OMR9.143 billion, an increase of 21.8% compared with the same period in 2016, where the total commodity exports was OMR7.505 billion.

The import of goods increased by 18% to reach OMR7.740 billion, compared with OMR6.560 billion during the same period in 2016.