World Economy

Oman Registers Trade Surplus

Oman Registers Trade SurplusOman Registers Trade Surplus

Oman’s trade balance during the first seven months of 2015 registered a surplus of OMR1,581.3 million ($4.1 billion), despite the decline of 31.7% in exports during the period, NewsNow reported. Merchandise exports, which include oil and gas, non-oil exports and re-exports registered a decline of 40%, 7.1% and 22.9%, respectively, according to data released by the National Center for Statistics and Information. The sultanate’s trade balance during the first seven months of 2014 had registered a surplus of OMR5272.8 million. According to NCSI data, foreign trade revenue fell to OMR8.66 billion from OMR11.80 billion last year. Merchandise imports, on the other hand, posted a marginal fall of 0.7% during the period to OMR6.48 billion, against OMR6.53 billion a year ago. However, imports rose 33% in terms of quantity, which touched 15.54 million tons during the period. Oil and gas exports suffered a 40% drop to OMR4.77 billion, compared with OMR7.96 billion in the January to July period in the previous year.