Arab News, Mon, Apr 15, 2024 | Shawwal 5, 1445
Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023
Oman:
Oman’s top five ports saw a 1.5 percent annual increase in cargo handling in
2023, surpassing 93.2 million tonnes, underscoring their growing significance in
maritime trade.
The terminals of Sultan Qaboos, Salalah Sohar and
Khasab as well as Shinas, and A’Suwaiq handled approximately 91.8 million tonnes
of general, liquid, and bulk cargo in 2022, according to the Oman News Agency.
It also highlighted a significant increase in the
number of berthed ships in 2023, reaching approximately 11,005 vessels compared
to 10,553 watercraft in 2022, marking a 4.3 percent rise.
Cruise ship passengers at the Sultan Qaboos,
Salalah, and Khasab Ports increased considerably. This achievement reflects the
government’s collaborative efforts with tourism partners to enhance hospitality
traffic to Oman.
The news agency added that the government
succeeded in attracting major cruise ship operators to several Omani connection
points, including Salalah, Khasab, and Sultan Qaboos Port.
It also reported that in 2023, 229 cruise ships
brought 599,000 passengers to Omani terminals, compared to around 87 ocean
liners carrying over 205,000 travelers in 2022. This represents an increase of
over 190 percent in commuters.
Credit rating
In another report, the news agency noted that
economic experts and specialists attribute Oman’s improved credit rating to
government efforts to control spending, reduce debt, increase non-oil revenues,
and enhance financial performance indicators.
Mohammed Abu Bakr Al-Ghassani, chairman of the
board of directors of the Oman Development Bank, emphasized that his country’s
enhanced credit rating by various international agencies, notably Standard &
Poor’s, rising from “BB” with a positive outlook in March 2023 to “BB+” with a
positive outlook in March 2024, underscores the government’s commitment to
optimizing spending, increasing state revenues, and persistently reducing public
debts, particularly those with high costs.
Al-Ghassani said the progress in credit rating is
a crucial indicator of confidence for investors and borrowers in the economy and
the banking sector, adding that Oman stands to benefit from potential future
loans with lower interest rates, encouraging foreign investors to engage in
diverse investments and large capital inflows.
This, he said, aids in accelerating the economic
diversification strategy and achieving the goals of Vision 2040.
Trade balance
According to preliminary statistics released by
the National Center for Statistics and Information, Oman’s trade balance showed
a surplus of 877 million rials (nearly $2,280 billion) by the end of January
2024, compared to a surplus of 686 million rials during the same period in 2023.
The figures also showed that the value of
commodity exports by the end of January 2024 reached over 2.3 billion rials,
marking a 16.7 percent increase compared to the same period in 2023.
Meanwhile, the value of commodity imports for Oman
amounted to 1.43 billion rials by the end of January 2024, reflecting a 10.6
percent increase compared to the same period in the previous year, which stood
at 1.28 billion rials.
According to the state’s news agency, the
significant increase in export value is primarily attributed to the rise in
Oman’s exports of oil and gas, reaching 1.45 billion rials, marking a 9.6
percent increase compared to the end of January 2023, when it amounted to 1.32
billion rials.
It is noteworthy that Oman’s crude oil exports by
the end of January 2024 amounted to approximately 1.13 billion rials, marking a
30.5 percent increase compared to the same period of 2023.
However, the value of refined oil exports
decreased to 95 million rials, reflecting a 36.5 percent decline, while the
value of the country’s liquefied natural gas exports dropped to 229 million
rials — a decrease of 26.1 percent compared to January 2023.
The same statistics also revealed a 38.5 percent
increase in the value of non-oil commodity exports by the end of January 2024,
reaching 749 million rials, compared to the end of January 2023, when it was at
540 million rials.
Metal products achieved the highest value among
non-oil commodity exports, reaching 356 million rials, indicating a notable
increase of 115.9 percent. They were followed by ordinary metals and their
products at 122 million rials, reflecting a rise of 21.3 percent. Subsequently,
chemical industry products, with export values amounting to 86 million rials,
saw a decline of 11.2 percent.
Meanwhile, the statistics also showed that Saudi
Arabia led non-oil commodity export trade operations, with a value reaching 103
million rials by the end of January 2024, marking an increase of 82 percent from
the end of January 2023.
On the other hand, the UAE led the trade in
re-exports from Oman, with values reaching 31 million rials by the end of last
January. Furthermore, the Emirates also secured the top spot in the list of
countries exporting the most to Oman, with a value of 315 million rials, up by
4.2 percent from the end of January 2023.