37 per cent decline in Oman-UK trade

Total trade in goods and services (exports plus imports) between the Sultanate of Oman and the UK was £979 million in the four quarters to the end of Q2 2021, a decrease of 37.1 per cent or £578 million from the four quarters to the end of Q2 2020, according to the UK Department of International Trade.

Of this £979 million, total UK exports to Oman amounted to £755 million (a decrease of 33.8 per cent or £385 million compared to the four quarters to the end of Q2 2020); Total UK imports from Oman amounted to £224 million (a decrease of 46.3 per cent or £193 million compared to the four quarters to the end of Q2 2020).

Oman was the UK’s 74th largest trading partner in the four quarters to the end of Q2 2021 accounting for 0.1 per cent of total UK trade.

Of all UK exports to Oman in the four quarters to the end of Q2 2021, £368 million (48.7 per cent) were goods and £387 million (51.3 per cent) were services. UK exports of goods to Oman decreased by 37.9 per cent or £225 million compared to the four quarters to the end of Q2 2020 while UK exports of services to Oman decreased by 29.3 per cent or £160 million compared to the four quarters to the end of Q2 2020.

Of all UK imports from Oman, £158 million (70.5 per cent) were goods and £66 million (29.5 per cent) were services. In the same period, UK imports of goods from Oman decreased by 46.1 per cent or £135 million compared to the four quarters to the end of Q2 2020 while UK imports of services from Oman decreased by 46.8 per cent or £58 million compared to the four quarters to the end of Q2 2020.

“This means the UK reported a total trade surplus of £531 million with Oman, compared to a trade surplus of £723 million in the four quarters to the end of Q2 2020. The UK had a trade in goods surplus of £210 million with Oman, compared to a trade in goods surplus of £300 million in the four quarters to the end of Q2 2020. Meanwhile, the UK reported a trade in services surplus of £321 million with Oman, compared to a trade in services surplus of £423 million in the four quarters to the end of Q2 2020,” the report added.