Oman Maintains Strong Trade Surplus Despite Decline in Exports During First Quarter

Oman recorded a trade surplus of 1.54 billion Omani rials ($4.01 billion) during the first quarter of 2026, as a sharper decline in imports helped offset weaker export performance, according to preliminary figures released by the National Centre for Statistics and Information (NCSI).

The data showed that total merchandise exports fell by 8.5 percent year-on-year to 5.3 billion rials during the three months ending March, while imports dropped by 11.7 percent to 3.8 billion rials. The larger reduction in imports enabled the sultanate to preserve a substantial trade surplus despite softer export revenues.

The figures reflect Oman’s ability to maintain a positive external trade balance at a time when lower hydrocarbon exports have weighed on overall export earnings. The country has been pursuing economic diversification under its Vision 2040 strategy, which aims to strengthen non-oil sectors, expand export opportunities and reduce dependence on oil and gas revenues.

According to the Oman News Agency, the decline in merchandise exports was largely driven by weaker oil and gas shipments. Exports from the hydrocarbon sector fell 13 percent to 3.4 billion rials by the end of March, compared with 3.9 billion rials during the same period last year.

NCSI’s monthly statistical bulletin showed that crude oil exports declined by 14.4 percent, while liquefied natural gas exports dropped 12.5 percent. Refined oil exports also fell by 8.4 percent, reflecting ongoing fluctuations in global energy markets.

Despite efforts to diversify the economy, oil and gas continued to account for nearly two-thirds of Oman’s total merchandise exports during the quarter, underlining the sector’s importance to the country’s trade performance.

Non-oil exports remained relatively stable, slipping just 0.6 percent to 1.61 billion rials from 1.62 billion rials a year earlier. Re-exports provided a brighter spot in the trade data, rising 4.6 percent to 367 million rials compared with 351 million rials during the same period in 2025.

Trade activity remained concentrated among key regional and Asian partners. The UAE retained its position as Oman’s leading non-oil export destination, receiving goods worth 382 million rials. It was also one of the largest destinations for re-exported goods from Oman, totaling 102 million rials.

Saudi Arabia ranked second among non-oil export markets with exports valued at 201 million rials, followed by India at 156 million rials.

On the import side, the UAE remained Oman’s largest supplier, accounting for imports worth 1.1 billion rials. China was the second-largest source of imports at 537 million rials, while Saudi Arabia ranked third with imports totaling 308 million rials.

The latest figures suggest that while energy exports continue to face pressure, Oman’s diversified trade relationships and lower import costs are helping support the country’s external balance as economic reforms move forward.