Prime Highlights:
- Oman’s non-oil exports grew 10.3 percent to 5 billion rials, showing strong progress in economic diversification.
- Despite a 42% drop in the trade surplus, Oman’s financial sector remains robust with rising credit and deposits.
Key Facts:
- Total credit extended by local banks increased 9 percent to 34.7 billion rials, with private sector lending up 5.8 percent.
- The UAE led non-oil exports at 945 million rials, up 28.3 percent, while Saudi Arabia and India were also key markets.
Background:
Oman’s trade surplus stood at 3.88 billion rials ($10 billion) by the end of September 2025, down 42 percent from the same period last year. The drop happened mainly because oil and gas exports were lower, according to the National Centre for Statistics and Information (NCSI).
Even with the fall in oil revenues, Oman is growing its non-oil economy. Non-oil exports went up 10.3 percent to 5 billion rials, led by products like plastics, iron, and steel. Experts say this shows Oman is becoming less dependent on oil.
The country’s overall merchandise exports fell 9.1 percent to 17.18 billion rials, while re-exports declined slightly by 2.6 percent to 1.27 billion rials. At the same time, registered imports increased 9.3 percent to 13.30 billion rials, showing continued domestic demand.
The United Arab Emirates led non-oil exports at 945 million rials, up 28.3 percent, and remained the top re-export destination. Saudi Arabia and India were key buyers of Omani goods, while China and Kuwait supplied most of the imports.
Oman’s financial sector remains robust. Local banks gave out 34.7 billion rials in credit, up 9 percent, with loans to the private sector rising 5.8 percent. Bank deposits grew steadily, reaching 33 billion rials, while private sector deposits climbed 9.4 percent.
Economic experts say these figures indicate a resilient and gradually diversifying economy. “Oman’s non-oil sector growth, coupled with stable financial indicators, reflects strong foundations for sustainable development,” noted a trade analyst.
