Muscat: Trade between the Sultanate of Oman and the United States has seen a significant increase since the end of 2020, according to the US Census Bureau.
Total trade reached over $2 billion as of the end of August 2021, surpassing the total for all of 2020. This year Oman is running a trade surplus with the United States of $151 million, according to the latest figures. In 2020, the top Omani exports to the United States were aluminium, plastics, chemicals, other commodities, and goods in transit to Canada.
“In January 2021 alone, the US imported over $200 million of Omani products,” said Ali Daud, President and Chairman Emeritus of the Oman American Business Council (US Chamber of Commerce affiliate in Oman). “This is more than twice the average we’ve seen in the past ten years. The trade surplus is a very healthy indication that the world’s largest economy, with which Oman has a unique trade agreement, is buying Omani products,” Daud continued.
“The time is now to strengthen the relationship further by establishing a commercial presence for Oman in the United States. This will make it easier for Omani exporters to navigate and penetrate the US market. Oman is one of only two GCC countries that have free trade agreements with the United States. As a nation, Oman should build on this impressive growth in 2021, and take this success to even greater heights,” he added.
US Ambassador to Oman Leslie M. Tsou said increased trade is a sign of the overall strength of the US-Oman relationship. “The partnership between our countries is rooted in strong historical ties of friendship, bolstered by a flourishing economic relationship,” she said. “We see this increase as a sign of Oman’s desirability as a destination for US investment.”
The Oman American Business Centre (OABC) was founded in 2003 with a mission to foster the development of commercial activity between Oman and the United States, promote US business, and support the Oman business community through programmes and events.
As the official affiliate of the US Chamber of Commerce in Oman (AmCham Oman), OABC promotes understanding, partnerships & other matters of mutual economic interest between business communities in Oman and the United States. The focal endeavour of the OABC is to provide a forum for the exchange of insights, information, ideas, and direction with respect to increasing trade, commerce, and investment between the two countries.
Every year, the OABC has around 30 events focused on knowledge sharing, business opportunities and challenges, legislative changes and networking within the Oman business community.
