Oman’s Top 10 Exports

Oman's flag

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An Arab country on the Arabian Peninsula’s southeastern coast, the Sultanate of Oman shipped US$28.9 billion worth of goods around the globe in 2017. That dollar amount reflects a -47.8% decline from 2013 to 2017 but an 18.4% gain from 2016 to 2017.

Based on estimates from the Central Intelligence Agency’s World Factbook, Oman’s exported goods plus services represent 51% of total Omani economic output or Gross Domestic Product. Please note that the overall value of exported goods and services includes a sizable share of re-exports. The analysis below focuses on exported products only.

Given Oman’s population of 4.6 million people, its total $28.9 billion in 2017 exports translates to roughly $6,300 for every resident in the Arab country.

Oman’s unemployment rate was 16% in 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 2017, at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Oman.

Drilling down to 4-digit HTS codes, Oman’s most valuable exported goods are crude oil ($15 billion) trailed by petroleum gases ($3.1 billion), refined petroleum oils ($2.8 billion), iron ores and concentrates ($734.8 million), acyclic alcohols ($532.8 million) then nitrogenous fertilizers ($466.8 million).

  1. Mineral fuels including oil: US$21 billion (72.4% of total exports)
  2. Vehicles: $1 billion (3.6%)
  3. Organic chemicals: $984.5 million (3.4%)
  4. Ores, slag, ash: $800.3 million (2.8%)
  5. Iron, steel: $588.9 million (2%)
  6. Aluminum: $475.3 million (1.6%)
  7. Fertilizers: $467.1 million (1.6%)
  8. Plastics, plastic articles: $401.6 million (1.4%)
  9. Electrical machinery, equipment: $346.3 million (1.2%)
  10. Machinery including computers: $303.8 million (1%)

Oman’s top 10 exports accounted for 91.1% of the overall value of its global shipments.

Oman’s fastest-growing export category up 524% from 2016 to 2017 were ores, slag and ash propelled by accelerating international sales of iron, chromium and copper. In second place was the mineral fuels-related category via a 25.3% gain. Trailing both categories was iron and steel with a 32.8% increase.

Leading the decliners was Oman’s exported vehicles (down -57%) and aluminum (down -23%).

Advantages

Overall Oman achieved an $8.8 billion trade surplus for 2017 up by 638% from $1.2 billion one year earlier.

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$20.3 billion (Up by 50.4% since 2016)
  2. Organic chemicals: $887.2 million (Up by 26.2%)
  3. Fertilizers: $448.8 million (Down by -5.6%)
  4. Aluminum: $283.8 million (Down by -31.2%)
  5. Ores, slag, ash: $175.6 million (Reversing a -$219.2 million deficit)
  6. Tobacco, manufactured substitutes: $67.4 million (Reversing a -$138.4 million deficit)
  7. Milling products, malt, starches: $25.1 million (Down by -28.2%)
  8. Fish: $22.5 million (Down by -78.1%)
  9. Oil seeds: $7.4 million (Up by 37.2%)
  10. Woodpulp: $1.6 million (Up by 1.3%)

Oman has highly positive net exports in the international trade of petroleum oils as well as petroleum gases. 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$2.5 billion (Down by -10.6% since 2016)
  2. Vehicles: -$1.2 billion (Up by 564.5%)
  3. Electrical machinery, equipment: -$1.1 billion (Down by -17.1%)
  4. Aircraft, spacecraft: -$1.1 billion (Up by 296.5%)
  5. Gems, precious metals: -$989.0 million (Up by 14.2%)
  6. Articles of iron or steel: -$850.9 million (Down by -3.8%)
  7. Copper: -$399.3 million (Down by -8.8%)
  8. Cereals: -$341.1 million (Down by -7.2%)
  9. Books, newspapers, pictures: -$293.7 million (Up by 1,284%)
  10. Pharmaceuticals: -$287.5 million (Down by -12.4%)

Oman has highly negative net exports and therefore deep international trade deficits for machinery including computers–notably turbojets, piping parts like taps or valves, and also air conditioning machinery.

Companies

Omani Export Companies

One Omani corporation ranks among Forbes Global 2000, 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)
  • Omantel (telecommunications)
  • Petroleum Development Oman (oil, gas)
  • The Shaksy Group (diversified holding company)

 
Oman’s capital city is Muscat.

See also Crude Oil Exports by Country, Saudi Arabia’s Top 10 Exports and Top Middle Eastern Export Countries

Research Sources:
Forbes 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 20, 2018

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on August 20, 2018

Investopedia, Net Exports Definition. Accessed on August 20, 2018

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on August 20, 2018

Trade Map, International Trade Centre. Accessed on August 20, 2018

Wikipedia, List of Companies of Oman. Accessed on August 20, 2018

Wikipedia, Oman. Accessed on August 20, 2018