Oman’s Top 10 Exports

Oman's flag

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Oman shipped US$24.5 billion worth of goods around the globe in 2016, down by -11.6% since 2009 when the Great Recession kicked in and down by -23.4% from 2015 to 2016.

Oman’s top 10 exports accounted for 89.1% of the overall value of its global shipments.

Based on statistics from the International Monetary Fund’s World Economic Outlook Database, Oman’s total Gross Domestic Product amounted to $173.1 billion in 2016 (on a purchasing power parity basis). Therefore, exports accounted for about 14.1% of total Omani economic output.

From a continental perspective, 88.4% of Omani exports by value were delivered to Asian countries while 3.8% were sold to African importers. Oman shipped another 3.7% worth of goods to North America with 3% going to Europe.

Given Oman’s population of 3.4 million people, its total $24.5 billion in 2016 exports translates to roughly $7,300 for every resident in that country.

Oman’s projected unemployment rate was 7.5% as of April 2017 according to Trading Economics.

Oman’s Top 10 Exports

Top 10

The following export product groups represent the highest dollar value in Omani global shipments during 2016. Also shown is the percentage share each export category represents in terms of overall exports from Oman.

  1. Mineral fuels including oil: US$13.5 billion (Down by -23.6% since 2009)
  2. Organic chemicals: $703.1 million (Down by -901.5%)
  3. Fertilizers: $475.5 million (Up by 0.5%)
  4. Aluminum: $412.3 million (Down by -18.6%)
  5. Fish: $102.6 million (Up by 57.1%)
  6. Ships, boats: $65.9 million (Down by -502.4%)
  7. Milling products, malt, starches: $34.9 million (Down by -243.7%)
  8. Oil seeds: $5.4 million (Down by -130.1%)
  9. Woodpulp: $1.5 million (Down by -71.2%)
  10. Raw hides, skins not furskins, leather: $376,000 (Down by -158.9%)

Only two top 10 export categories grew in value from 2009 to 2016, specifically fish (up by 57.1%) and fertilizers (up by 0.5%).

Declines among the remaining eight categories ranged from -18.6% for Oman’s exported aluminum to -901.5% for organic chemicals.

Advantages

Overall, Oman achieved a $1.2 billion trade surplus for 2016 down by -87.8% from $9.8 billion during 2009.

The following types of Omani product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. In a nutshell, net exports is the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

  1. Mineral fuels including oil: US$13.5 billion (Down by -23.6% since 2009)
  2. Organic chemicals: $703.1 million (Down by -901.5%)
  3. Fertilizers: $475.5 million (Up by 0.5%)
  4. Aluminum: $412.3 million (Down by -18.6%)
  5. Fish: $102.6 million (Up by 57.1%)
  6. Ships, boats: $65.9 million (Down by -502.4%)
  7. Milling products, malt, starches: $34.9 million (Down by -243.7%)
  8. Oil seeds: $5.4 million (Down by -130.1%)
  9. Woodpulp: $1.5 million (Down by -71.2%)
  10. Raw hides, skins not furskins, leather: $376,000 (Down by -158.9%)

Oman has highly positive net exports in the international trade of both refined and crude oils. In turn, these cashflows indicate Oman’s strong competitive advantages under the mineral fuels including oil product category.

Opportunities

Below are exports from Oman that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Oman’s goods trail Omani importer spending on foreign products.

  1. Machinery including computers: -US$2.8 billion (Up by 10.4% since 2009)
  2. Electrical machinery, equipment: -$1.3 billion (Up by 63.2%)
  3. Articles of iron or steel: -$884.9 million (Down by -11%)
  4. Gems, precious metals: -$866.3 million (Up by 868.6%)
  5. Iron, steel: -$495 million (Up by 13.8%)
  6. Copper: -$438.1 million (Up by 145.2%)
  7. Dairy, eggs, honey: -$392 million (Up by 145.8%)
  8. Cereals: -$367.7 million (Up by 74.8%)
  9. Optical, technical, medical apparatus: -$347.7 million (Up by 83.7%)
  10. Other chemical goods: -$340.4 million (Up by 69.9%)

Oman has highly negative net exports and therefore deep international trade deficits for machinery including computers–notably piping-related and air conditioning machinery.

Companies

Omani Export Companies

One Omani corporation ranks among Forbes Global 2000 for 2016, namely Bank Muscat (regional bank).

Wikipedia also lists export-related companies from Oman. Selected examples are shown below:

  • Oman LNG (oil, gas)
  • Oman Oil Company (oil, gas)
  • Oman Refinery Company (oil, gas)
  • Petroleum Development Oman (oil, gas)
  • Omantel (telecommunications)
  • The Shaksy Group (diversified holding company)


 
Oman’s capital city is Muscat.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.

See also Crude Oil Exports by Country, Top Middle Eastern Export Countries and Capital Facts for Muscat, Oman

Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 11, 2017

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on April 11, 2017

Trade Map, International Trade Centre. Accessed on April 11, 2017

Investopedia, Net Exports Definition. Accessed on April 11, 2017

Wikipedia, List of Companies of Oman. Accessed on April 11, 2017

Forbes 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 11, 2017