Oman Trade Surplus Steady at $4Bn Despite Drop in Oil, Gas Exports

JEDDAH: Oman’s trade surplus held steady at 1.54 billion Omani rials ($4.01 billion) in the first quarter of 2026, as imports fell faster than exports, preliminary data showed. 

Total merchandise exports fell 8.5 percent year-on-year to 5.3 billion rials, while imports declined 11.7 percent to 3.8 billion rials, according to preliminary data from the National Centre for Statistics and Information. 

The latest figures highlight the resilience of Oman’s external trade position despite weaker hydrocarbon exports, with lower import costs helping to preserve a sizable trade surplus. The sultanate has been working to diversify its economy under Oman Vision 2040 by expanding non-oil industries, boosting exports, and strengthening trade links with regional and international partners, while reducing its reliance on oil and gas revenues. 

“The decline in merchandise exports was mainly driven by lower oil and gas exports, which fell by 13 percent to 3.4 billion rials by the end of March 2026, compared with 3.9 billion rials a year earlier,” Oman News Agency, or ONA, reported. 

The agency further added that non-oil exports edged down slightly by 0.6 percent to 1.61 billion rials, compared with 1.62 billion rials in the same period of 2025. 

Within the hydrocarbon segment, crude oil exports fell 14.4 percent, liquefied natural gas declined 12.5 percent, and refined oil dropped 8.4 percent, underscoring continued sensitivity to energy market dynamics, according to NCSI's monthly statistical bulletin. 

The report shows that oil and gas accounted for roughly two-thirds of total merchandise exports in the quarter, highlighting the sector’s continued dominance in Oman’s external trade structure despite diversification efforts. 

Re-exports rose by 4.6 percent to 367 million rials by the end of the third month of 2026, compared with 351 million rials a year earlier. 

Trade flows remain heavily concentrated with key regional and Asian partners, with the UAE consistently playing a central role across exports, re-exports, and imports. 

The UAE led non-oil export destinations, with 382 million rials, and also ranked among the top destinations for re-exports from Oman, which amounted to 102 million rials. The UAE also remained the largest source of imports to Oman at 1.1 billion rials. 

Saudi Arabia ranked second in non-oil exports at 201 million rials, followed by India at 156 million rials. 

On the import side, China ranked second with 537 million rials, followed by Saudi Arabia at 308 million rials.