That dollar amount results from an 88.2% acceleration from $33.5 billion five years earlier in 2020.
Year over year, revenues collected for Oman’s total exports rose 6.8% compared to $59 billion for 2023.
Oman’s top 5 most valuable exported products are crude oil, processed petroleum oils, petroleum gases, iron ores and concentrates, then nitrogenous fertilizers. Combined, those five product groups represent over three-quarters (75.8%) of Oman’s total exports by value in 2024. Such a high percentage indicates a relatively concentrated range of exported goods.
Given Oman’s population of 5.33 million people, its total $63 billion in 2024 exports translates to roughly $11,800 for every resident in the Middle Eastern country. That dollar amount lags Oman’s average $12,900 per person one year earlier during 2023.
Oman’s Top 10 Exports
The following export product groups represent the highest dollar value in Omani global shipments during 2024, 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.
- Mineral fuels including oil: US$44.9 billion (71.2% of total exports)
- Plastics, plastic articles: $2.6 billion (4.2%)
- Ores, slag, ash: $2 billion (3.1%)
- Iron, steel: $1.8 billion (2.9%)
- Fertilizers: $1.14 billion (1.8%)
- Aluminum: $1.13 billion (1.8%)
- Electrical machinery, equipment: $924.57 million (1.5%)
- Machinery including computers: $761.2 million (1.2%)
- Gems, precious metals: $646.8 million (1%)
- Organic chemicals: $625.4 million (1%)
Oman’s top 10 exports accounted for 89.8% of the overall value of Omani global shipments.
Gems and precious metals represent the fastest grower among the top 10 export categories, up by 196.7% from 2023 to 2024. Gold was a major driver for that growth.
In second place for improving export sales was plastics, both materials and items made from plastic, via a 12% advance.
Oman’s shipments of electrical machinery and equipment posted the third-fastest gain in value, up by 11.6%.
The leading decliner among Oman’s top 10 export categories were organic chemicals, thanks to a -38.7% year-over-year reduction.
Drilling down to the more granular four-digit HTS codes, crude oil represents Oman’s most valuable exported product at 40.9% of the country’s total. In second place were processed petroleum oils (19.4%) trailed by petroleum gases (10.7%), iron ores and concentrates (3%), nitrogenous fertilizers (1.8%), ethylene polymers (1.4%), semi-finished products made from iron or non-alloy steel (1.3%), iron or non-alloy steel bars and rods (1.1%), acyclic alcohols (1%) then unwrought aluminum (0.9%).
Products Generating Oman’s Largest Trade Surpluses
Overall, Oman generated a US$19.6 billion trade surplus for 2024, down by -3.4% from $20.2 billion in black ink one year earlier in 2023.
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 represent 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.
- Mineral fuels including oil: US$34.5 billion (Up by 8.4% since 2023)
- Plastics, plastic articles: $1.6 billion (Up by 15.6%)
- Fertilizers: $1.1 billion (Down by -3.1%)
- Aluminum: $849.1 million (Up by 2.3%)
- Ships, boats: $423.2 million (Up by 245%)
- Ores, slag, ash: $421.5 million (Up by 23.3%)
- Fish: $295.1 million (Down by -37.8%)
- Iron, steel: $277.5 million (Up by 41.8%)
- Salt, sulphur, stone, cement: $247.3 million (Down by -12.5%)
- Collector items, art, antiques: $141.3 million (Reversing an -$11.2 million deficit)
Historically, Oman has highly positive net exports in the international trade of petroleum oils (both crude and refined) as well as petroleum gases. In turn, these cashflows indicate Oman’s strong competitive advantages under the mineral fuels including oil product category.
Products Causing Oman’s Worst Trade Deficits
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.
- Machinery including computers: -US$3.7 billion (Up by 51.6% since 2023)
- Vehicles: -$3.4 billion (Up by 31.4%)
- Electrical machinery, equipment: -$2.2 billion (Up by 51.1%)
- Articles of iron or steel: -$1 billion (Up by 9.2%)
- Cereals: -$761.3 million (Up by 26%)
- Organic chemicals: -$729.4 million (Up by 57.5%)
- Pharmaceuticals: -$646.6 million (Up by 15.2%)
- Copper: -$548.8 million (Up by 9.3%)
- Optical, technical, medical apparatus: -$540.3 million (Up by 20.2%)
- Gems, precious metals: -$432 million (Down by -38.1%)
Oman has highly negative net exports under the machinery including computers as well as vehicles product categories.
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)
In macroeconomic terms, Oman’s total exported goods represent 28.6% of its overall Gross Domestic Product for 2024 ($220.1 billion valued in Purchasing Power Parity US dollars). That 28.6% for exports to overall GDP in PPP for 2024 compares to 32.5% for 2023. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Oman’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Oman’s unemployment rate averaged 3.2% in 2024, same as the average 3.2% for 2023 per Trading Economics statistics.
Oman’s capital city is Muscat.
See also Crude Oil Exports by Country, UAE’s Top 10 Exports, Qatar’s Top Trading Partners and India’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on October 2, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 2, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 2, 2025
International Trade Centre, Trade Map. Accessed on October 2, 2025
Investopedia, Net Exports Definition. Accessed on October 2, 2025
Wikipedia, Gross domestic product. Accessed on October 2, 2025
Wikipedia, List of Companies of Oman. Accessed on October 2, 2025
Wikipedia, Oman. Accessed on October 2, 2025
Wikipedia, Purchasing power parity. Accessed on October 2, 2025