(MENAFN - Muscat Daily) Muscat- With prevailing economic slowdown in the region, Oman's non-oil exports, re-exports and imports recorded sharp declines in 2016.
The sultanate's non-oil exports fell by 19.6 per cent to RO2.24bn in January – November period of 2016 from RO2.79bn in the corresponding period of the previous year.
According to the figures released by the National Centre for Statistics and Information (NCSI) on Sunday, the decline was recorded in all product categories of non-oil exports last year. The statistics showed that the sultanate's non-oil exports to neighbouring countries such as the UAE and Saudi Arabia recorded sharp declines in 2016.
Export of chemical products fell by 14.2 per cent to RO554.2mn, while mineral products export recorded a 14.1 per cent decline to RO472.6mn. Plastics and rubber exports fell by more than 50 per cent to RO128.2mn and exports of base metals and articles decreased by 22.4 per cent to RO460.5mn. Exports of electrical machinery, mechanical equipment and parts also dropped by 23.3 per cent to RO103.3mn during the first 11 months of 2016.
On the other hand, re-exports from Oman declined by 19 per cent to RO1.92bn in the first 11 months of 2016 from RO2.37bn in the same period of 2015.
The value of Oman's merchandise imports also sharply declined in 2016. Total recorded merchandise imports fell by 19.3 per cent to RO8.19bn during January – November period of 2016 compared to RO10.15bn in the corresponding period of the previous year.
Transport equipment recor-ded the biggest decline with value of imports falling by 38.2 per cent to RO1.02bn from RO1.65bn a year ago. This was followed by a 31.3 per cent decline in imports of chemical products which stood at RO610.1mn for the first 11 months of 2016. Plastics and rubber imports fell by 14.3 per cent to RO335mn while base metals and articles imports decreased by 8.3 per cent to RO1.07bn.
Imports of prepared foodstuff and beverages increased by 1.7 per cent to RO413.6mn while live animals and its products recorded a 2.8 per cent decline in imports to RO403mn.