Oman’s trade surplus narrows to $12bn
Oman’s trade surplus narrowed to 4.69 billion rials ($11.9bn) by the end of October as weaker oil and gas shipments weighed on exports, even as imports rose, according to official data.
The surplus compares with 7.31bn rials in the same period of 2024, the Oman News Agency reported, citing preliminary figures from the National Centre for Statistics and Information. Total merchandise exports fell eight per cent year on year to 19.3bn rials, while imports increased 6.8pc to 14.6bn rials.
This comes as Fitch Ratings last month upgraded Oman to investment-grade status, raising its long-term foreign-currency rating from BB+ to BBB-, citing stronger public finances, an improved external position, and a continued commitment to prudent fiscal management.
The agency noted that Oman has successfully strengthened fiscal discipline, reducing government debt to around 36pc of gross domestic product in 2025, down from about 68pc in 2020.
“The decline in the value of Oman’s merchandise exports is primarily attributed to a decrease in the value of oil and gas exports, which reached 12.1bn rials by the end of October 2025, a 16.3pc decrease compared to 14.4bn rials at the end of October 2024,” the ONA report stated.
It added: “Conversely, the value of Oman’s non-oil merchandise exports increased by 9.9pc, reaching 5.61bn rials by the end of October 2025, compared to 5.1bn rials during the same period in 2024.”
The value of re-exports also increased, reaching 1.6bn rials by the end of October, up 11.6pc year on year.
The UAE was the leading destination for Oman’s non-oil exports, with shipments valued at 1.07bn rials, marking a 27.6pc increase compared to the same period in 2024.
The UAE also topped the list for re-exports, at 532 million rials, and for exports to Oman, at 3.49bn rials.
Saudi Arabia ranked second among destinations for Oman’s non-oil exports, with a value of 920m rials, followed by India at 597m rials.
In re-exports, Iran ranked second with 324m rials, followed by the UK with 179m rials.
On the import side, China ranked second, with imports valued at 1.55bn rials, followed by Kuwait at 1.25bn rials.
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