Oman’s non-oil exports drive economic diversification

Muscat : These exports contribute significantly to the nation’s economic sustainability, offering opportunities for growth across various sectors and stimulating job creation.

The Ministry of Commerce, Industry, and Investment Promotion is actively supporting Omani exporters in entering new markets and enhancing current export opportunities. This initiative aims to diversify the country’s trade balance and encourage collaboration between the government and private sectors. As part of this vision, the Ministry is committed to creating policies and plans that will help improve the competitiveness of Omani products in global markets through enhanced quality and innovation.
According to recent data, non-oil exports in Oman witnessed remarkable growth, accounting for 33 percent of the total exports by the end of the first half of 2024. The total value of non-oil exports reached approximately RO 3.575 billion by June 2024, marking an increase of more than 8 percent compared to RO 3.307 billion during the same period in 2023.

Mineral products topped the list of non-oil commodity exports, with a value of RO 1.304 billion – up by 21.5 percent compared to the previous year. Ordinary metal products came in second, with an export value of RO 671 million, reflecting a 7.3 percent increase. Exports of plastic products and rubber products reached RO 473 million and RO 437 million, respectively.
To strengthen its global presence, Oman aims to tap into several key regional and international markets, including the Gulf Cooperation Council (GCC) countries, East Asia, the Indian subcontinent, Africa, the United States, Europe, and China.

Her Excellency Ibtisam bint Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Investment Promotion, explained that non-oil exports are fundamental to strengthening Oman’s national economy and supporting the country’s broader economic diversification goals. She highlighted the many growth opportunities within this sector and stressed that enhancing the competitiveness of Omani products in global markets will be pivotal in stimulating the local economy and fostering private sector growth.Lubna bint Mohammed Al Harthi, Director of the Export Development Department at the Ministry of Commerce, Industry, and Investment Promotion, noted that marketing Omani products globally is achieved through collaboration among government agencies, businesses, and exporters. The Ministry has developed plans to promote Omani exports and explore new foreign markets. It has also coordinated numerous events with the Omani Products Exhibition (OPEX) committee, which includes key stakeholders such as the Oman Chamber of Commerce and Industry, Madayn, and the Public Authority for Small and Medium Enterprises Development.