The value of Oman’s non-oil exports touched OMR2,600.8 million in the first 10 months of 2017, 28.2 per cent up from the OMR2,028.4 million registered in the same January to October period of the previous year.
A major recovery in energy prices indirectly helped the country strengthen its non-oil export revenue as well. Since prices of several petrochemical products are positively correlated to the global prices of energy, Oman could immensely gain from a rise in oil prices. A robust growth was witnessed in the export of minerals, plastics and rubber, and base metals and chemical products, shows the latest monthly statistics released by the National Centre for Statistics and Information (NCSI) on Wednesday.
Among the Sultanate’s non-oil products, exports of minerals surged by 50.6 per cent to OMR679.8 million, and exports of plastics and rubber shot up by 40.6 per cent year-on-year to OMR166.6 million during the January to October period of 2017.
Further, export revenue from chemical products and base metals jumped year-on-year by 33.6 per cent and 35.4 per cent to OMR674.2 million and OMR526.8 million, respectively, the NCSI report stated.