Oman’s top five ports saw a 1.5 per cent annual increase in cargo handling in 2023, surpassing 93.2 million tonnes, underscoring their growing significance in maritime trade.
The terminals of Sultan Qaboos, Salalah Sohar and Khasab as well as Shinas, and A’Suwaiq handled approximately 91.8 million tonnes of general, liquid, and bulk cargo in 2022, according to the Oman News Agency.
It also highlighted a significant increase in the number of berthed ships in 2023, reaching approximately 11,005 vessels compared to 10,553 watercraft in 2022, marking a 4.3pc rise.
Cruise ship passengers at the Sultan Qaboos, Salalah, and Khasab Ports increased considerably. This achievement reflects the government’s collaborative efforts with tourism partners to enhance hospitality traffic to Oman.
The news agency added that the government succeeded in attracting major cruise ship operators to several Omani connection points, including Salalah, Khasab and Sultan Qaboos ports.
It also reported that in 2023, 229 cruise ships brought 599,000 passengers to Omani terminals, compared to around 87 ocean liners carrying more than 205,000 travellers in 2022. This represents an increase of more than 190pc in commuters.
In another report, the news agency noted that economic experts and specialists attribute Oman’s improved credit rating to government efforts to control spending, reduce debt, increase non-oil revenues, and enhance financial performance indicators.
Mohammed Abu Bakr Al-Ghassani, chairman of the board of directors of the Oman Development Bank, emphasised that his country’s enhanced credit rating by various international agencies, notably Standard & Poor’s, rising from ‘BB’ with a positive outlook in March 2023 to ‘BB+’ with a positive outlook in March 2024, underscores the government’s commitment to optimising spending, increasing state revenues, and persistently reducing public debts, particularly those with high costs.
Al-Ghassani said the progress in credit rating is a crucial indicator of confidence for investors and borrowers in the economy and the banking sector, adding that Oman stands to benefit from potential future loans with lower interest rates, encouraging foreign investors to engage in diverse investments and large capital inflows.
This, he said, aids in accelerating the economic diversification strategy and achieving the goals of Vision 2040.
According to preliminary statistics released by the National Centre for Statistics and Information, Oman’s trade balance showed a surplus of 877 million rials (nearly $2,280 billion) by the end of January 2024, compared to a surplus of 686m rials during the same period in 2023.
The figures also showed that the value of commodity exports by the end of January 2024 reached over 2.3bn rials, marking a 16.7pc increase compared to the same period in 2023.
Meanwhile, the value of commodity imports for Oman amounted to 1.43bn rials by the end of January 2024, reflecting a 10.6pc increase compared to the same period in the previous year, which stood at 1.28bn rials.
According to the state’s news agency, the significant increase in export value is primarily attributed to the rise in Oman’s exports of oil and gas, reaching 1.45bn rials, marking a 9.6pc increase compared to the end of January 2023, when it amounted to 1.32bn rials.
It is noteworthy that Oman’s crude oil exports by the end of January 2024 amounted to approximately 1.13bn rials, marking a 30.5pc increase compared to the same period of 2023.
However, the value of refined oil exports decreased to 95m rials, reflecting a 36.5pc decline, while the value of the country’s liquefied natural gas exports dropped to 229m rials – a decrease of 26.1pc compared to January 2023.
The same statistics also revealed a 38.5pc increase in the value of non-oil commodity exports by the end of January 2024, reaching 749m rials, compared to the end of January 2023, when it was at 540m rials.
Metal products achieved the highest value among non-oil commodity exports, reaching 356m rials, indicating a notable increase of 115.9pc. They were followed by ordinary metals and their products at 122m rials, reflecting a rise of 21.3pc. Chemical industry products, with export values amounting to 86m rials, saw a decline of 11.2pc.