Oman’s trade with Americas grows to $1.9b

RIYADH, Aug 18 (Arab News): Oman's trade with the Americas grew 6.6 per cent year on year in May, reaching 742.9 million Omani rials ($1.9 billion), official data showed.

According to preliminary figures from the National Centre for Statistics and Information, exports from Oman to North and South America reached over 255 million rials by the end of May, marking a 23.3 per cent increase from the same period last year.

The data revealed that imports from the Americas totaled over 469 million rials, a 2 per cent increase from May 2023, the Oman News Agency reported.

The data further showed that the US led trade with Oman among American countries. By the end of May, imports from the US totaled nearly 197.5 million rials, a 7.9 per cent decrease compared to May 2023. In contrast, exports to the US surpassed 197.6 million rials, marking a 14.6 per cent increase year over year.

This falls in line with the Free Trade Agreement signed between the two countries in 2009, which has boosted bilateral trade, created opportunities for businesses on both sides, and supported Oman's objectives of attracting investment and diversifying its economy.

Strategically located on a critical naval chokepoint, Oman plays a vital role in supporting US efforts to promote regional stability and prosperity, given that 30 per cent of global maritime oil shipments pass through its waters.