The Department of Economic Planning and Statistics (JPES) at the Ministry of Finance and Economy said in a statement that the total trade recorded a year-on-year decrease of 3.6 per cent to BND2,157.4 million in February 2023 compared to BND2,237.4 million in February 2022, due to a decrease in exports value by 12.2 per cent to BND1,265.8 million from BND1,442.5 million, mainly attributable to a decrease in mineral fuels exports.
The decrease in mineral fuels exports was driven by the export values of crude oil and other petroleum products, particularly automotive diesel fuels.
The decline in crude oil exports value was due to a fall in exports price by 14 per cent and exports volume by 20 per cent.
The total value of imports increased to BND891.6 million in February 2023 from BND794.9 million in February 2022, mainly due to an increase in imports of mineral fuels.
In terms of export commodities, mineral fuels represented the major contributor to the Sultanate’s exports at 78.4 per cent, followed by chemicals (19.2 per cent), and machinery and transport equipment (1.0 per cent).
The five main imports by commodity for February 2023 were mineral fuels (70.5 per cent), followed by machinery and transport equipment at (10.4 per cent), food (6.3 per cent), chemicals (4.2 per cent), and manufactured goods (3.9 per cent).
The main export markets in February 2023 were Japan (29.1 per cent), Australia (19.2 per cent) and Singapore (13.4 per cent).
The largest export commodity to Japan, Australia and Singapore was mineral fuels.
The biggest import partner was United Arab Emirates (44.9 per cent), followed by Malaysia (16.4 per cent) and China (9.8 per cent), with mineral fuels as the largest import commodity.
Some 59.3 per cent of imports were used as intermediate goods for processing, followed by capital goods (37.6 per cent) for business operations and consumption goods (3.1 per cent) for household use.
In terms of month-on-month changes, compared to January 2023, total trade fell by 12.6 per cent due mainly due to the fall in export value by 20.2 per cent.
However, it was offset by an increase in imports by one per cent.
95.5 per cent of trade by value was delivered through sea transport.
This was followed by air transport by 3.3 per cent and via land by 1.2 per cent.