Oman's trade surplus grew by 2% year-on-year by November 2024, reaching 7.14 billion Omani rials ($18.5 billion), up from 6.99 billion rials in 2023. This increase was primarily driven by a 19.7% surge in oil and gas exports, which totaled 14.99 billion rials.

Total merchandise exports rose 7.7% to 22.23 billion rials, while imports grew by 10.6% to 15.09 billion rials.

Crude oil exports increased by 2.5% to 9.13 billion rials, and refined oil exports surged 174.9% to 3.57 billion rials.

Liquefied natural gas exports saw a slight decline of 1.1%.

The UAE was Oman's top trade partner in non-oil exports, followed by Saudi Arabia and South Korea.

Iran was the second-largest re-export destination.

Oman’s non-oil merchandise exports fell 16.6% to 5.64 billion rials, with mineral products, base metals, and chemical industry products seeing declines.

Meanwhile, re-exports increased by 18.3% to 1.59 billion rials, driven by food, beverages, liquids, and mineral products.

Oman’s total crude oil exports stood at approximately 308.42 million barrels by December 2024, with an average price per barrel of $81.2. Despite the trade surplus growth, total oil exports declined slightly by 0.6% compared to the previous year.