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Oman non-oil exports keep 2008 levels despite impact of downturn.

Byline: Times News Service

MUSCAT | OmanEoe1/4aos non oil export performance has sustained itself at around 2008 levels despite the rest of the world reeling under the impact of a global trade downturn, according to export statistics released recently.

The total non oil exports in 2009, at RO1.92 billion, fell marginally short of the achievement in 2008 but still showed a clear jump over the preceding years, underscoring an overall growth trend, Omani Centre for Investment Promotion and Export Development (OCIPED) said in a statement.

Most of the drop in 2009 could be traced to the fall in first quarter performance. Non-oil Omani origin exports from Oman in this period declined by about 10 per cent over the same quarter in 2008.

The drop was highest in electrical & mechanical product categories followed by mineral products, it said.

Rebound

Moreover, Omani exports have rebounded in the remaining part of 2009, putting behind the indifferent performance in the first quarter. The strong performance in the last three quarters was on par with achievement in the corresponding period in 2008.

Consequently, the full year export performance experienced only a 2 per cent drop over 2008 levels.

These results underline the resilience of Omani exporters in the backdrop of continuing challenges in the global economy, Faris Al Faris, acting director general of export development, OCIPED said.

The official also said there was a note of optimism among Omani exporters about further recovery in 2010.

Many Omani exporters are exploring newer export markets such as Libya and USA to reduce their dependence on a few country markets, the official added in the statement.

Muscat Press and Publishing House SAOC 2009

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Publication:Times of Oman (Muscat, Oman)
Date:Mar 20, 2010
Words:284
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