Oman’s trade exchange with European nations witnessed a notable rise by the end of May, reaching 878 million Omani rials ($2.28 billion).
This marks a 9.5 per cent increase from the 802m rials recorded during the same period last year, according to preliminary government data.
The upward trend reflects Oman’s expanding trade relations with the continent, driven by a significant surge in the country’s exports.
The total value of the sultanate’s exports to European countries soared to 197m rials by the end of May, representing a 63.9pc increase compared to 120m rials in May in 2023.
The figures, issued by the National Centre for Statistics and Information, illustrate Oman’s strategic efforts to enhance its trade footprint in Europe, reflecting the Gulf nation’s broader economic diversification strategy to reduce dependency on oil revenues.
The increase in exports and re-exports, particularly to key European markets like Germany and Belgium, underscores the growing demand for Omani goods in these regions, contributing to the overall resilience and growth of the national economy.
While exports surged, Oman’s imports from European countries slightly declined. By the end of the same period, the total value of imports stood at 620.34m rials, down by 1.5pc from the 630.06m rials recorded at the same time in 2023.
Re-exports from Oman to Europe also saw growth, with a total value of 60.79 million rials by the end of May, an increase of 17.4pc from 51.76 million rials the same month last year.
Germany emerged as Oman’s top European trading partner, underscoring the strong economic ties between the two nations. Omani exports to Germany amounted to 9.2m rials by the end of May, while imports from Germany reached 88.56m rials. The re-export value to Germany totalled 19.85m rials.
Belgium ranked second with exports totalled 6.04m rials by the end of May and imports valuing at 100.92m rials.
Re-exports to Belgium stood at 2.36m rials, highlighting the importance of Belgium as a re-export hub for Omani goods.
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