5% growth in Omani exports, local sales insured by Credit Oman

Muscat: Credit Oman continues its dedicated efforts to enhance the presence of Omani exports on both international and regional levels by providing credit insurance services aimed at protecting exporters and mitigating commercial and non-commercial risks.

Sheikh Khalil Ahmed Al Harthy, CEO of Credit Oman, announced that non-oil Omani exports and local sales insured by Credit Oman experienced an overall growth of 5% in the third quarter of the current year, reaching a total value of RO 272.8 million, compared to RO 259.1 million during the same period last year.

The data also revealed a significant increase in insured local sales, which rose by 15%, reaching RO 126.9 million, up from RO 110.7 million in Q3 2022. However, non-oil insured exports saw a slight decline of 2%, totaling RO 145.9 million compared to RO 148.4 million in the same period last year.

In terms of export sectors, the petrochemicals and plastics sector witnessed substantial growth, increasing by 58% from RO 13.9 million to RO 22 million. Conversely, the mining sector experienced a decline of 42%, dropping from RO 2.9 million to RO 1.7 million.

On the local market front, the packaging sector achieved the highest growth rate in insured sales, soaring by 156%, with values rising from RO 155,000 to RO 397,000.

The mining sector also saw a 95% increase, climbing from RO 329,000 to RO 643,000. In contrast, the building materials sector faced a 12% drop, decreasing from RO 16.8 million to RO 14.7 million. The consumer and food goods sector recorded a 13% rise in insured local sales, increasing from RO 72.2 million to RO 81.4 million.

This overall growth is attributed to the noticeable improvement in the performance of various industrial sectors, particularly in packaging and petrochemicals, alongside the continuous growth in the consumer and food goods sector.

Al-Harthy concluded by stating that Credit Oman aims to support Omani companies in exploring new markets and enhancing their competitiveness, contributing to economic growth and achieving sustainable development goals aligned with Oman Vision 2040.

He emphasized that credit insurance services bolster the presence of exports by reducing financial risks, stimulating expansion, and enhancing competitiveness, thereby encouraging companies to target additional markets and increasing their financial stability.