Oil price fall affects Oman's foreign trade

Oman's foreign trade fell by 10.7 per cent during the first quarter of this year, according to a statistical bulletin issued by the National Economy Ministry.

The bulletin stated that the total value of Omani commodity exports stood at RO953 million at the end of the March this year, against RO1066.7 million during the corresponding period in 2001.

The decline was attributed to a fall in the value of oil and gas and non-commodity exports.

The re-export trade rose by 33 per cent during the first three months of this year to RO157.3 million, compared to RO118.3 million during the corresponding period in 2001. The UAE topped the countries importing Omani non-oil exports as it exported commodities worth RO 19.6 million during the year.

WAM adds: UAE tops the list of countries which import Oman's non-oil products, with its importation of such goods standing at a total of RO19.6million, followed by the Kingdom of Saudi Arabia at a total cost of RO6.8million, and then the United States at a total cost of RO6million.

The UAE, the bulletin added, occupied the first spot among the countries importing goods from Oman for re-export, importing goods at a total cost of RO65.4million, followed by Iran at RO43.2million, then Saudi Arabia at RO10.2million.

In the case of countries exporting to the Sultanate, the bulletin said that the UAE, once again, topped the list with Oman importing from the UAE goods at a total cost of RO147.2million. Japan is second with RO79.3million, while the U.S. is third with RO35.6million.