'New US tariffs may have a relatively limited impact on Oman'
Dr. Nasser bin Rashid al Maawali, Undersecretary of the Ministry of Economy, said in a social media post that the new US tariffs may have a relatively limited and non-threatening impact on the Sultanate's economy in the medium and long term, especially since US imports of oil, gas, and refined products are exempt from the new tariffs.
"The impact on the Sultanate's economy may come through several channels, including disruption of global trade, slowdown in global economic growth, and other channels. However, the high US tariffs on other countries provide a golden opportunity for the Sultanate of Oman by expanding its trade relations with trading partners affected by US tariffs. There is also an opportunity to enhance foreign investment in the Sultanate and strengthen supply chains from other countries negatively affected by the imposition of high US tariffs. The Sultanate's position and strategic location can be leveraged to serve as a transit and launch point to the US market for countries subject to high tariffs."
In December 2024, the Ministry of Commerce, Industry and Investment Promotion celebrated the 15th anniversary of the Oman-US Free Trade Agreement (FTA). The agreement has fostered a favorable environment for American investors in Oman's energy, logistics, and infrastructure sectors, boosting foreign direct investment (FDI) and bilateral trade.
Bilateral trade has seen steady growth, exceeding RO 1.15 billion (USD 3 billion) annually since 2021. As of May 2024, the total trade volume stood at RO 412.6 million, with Omani exports to the US reaching RO 197.6 million—a 14.6% increase from 2023.
The US holds key positions in Oman's trade:
5th largest destination for Omani non-oil exports (as of May 2024).
9th largest source of imports (as of September 2024).
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