Latest news with #MinistryOfCommerce
Zawya
2 days ago
- Business
- Zawya
Oman's industrial exports rise 8.6% to $2.5bln in Q1
Muscat – Oman's industrial sector exports recorded a notable increase of 8.6% in the first quarter of 2025, reaching RO1.618bn, compared to RO1.49bn during the same period in 2024, according to data released by the National Centre for Statistics and Information (NCSI). Industrial exports accounted for 28% of Oman's total exports, indicating the growing contribution of the industrial sector to the national economy and its role in promoting economic diversification. This growth is attributed to strong performances across several industrial segments, particularly the electrical machinery and equipment manufacturing sector, which posted an exceptional 141% increase in export value. Exports from this sector rose to RO128mn, compared to RO53mn in Q1 2024, the NCSI data showed. This was followed by metal products, with exports increasing by 14.1% to RO462mn, supported by growing international demand for high-quality Omani goods. In a statement to the Oman News Agency, Eng Khalid bin Salim al Qassabi, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion, said that the positive results reflect the strength and diversity of Oman's industrial base. He noted that the ministry continues to implement integrated industrial policies aimed at enhancing the competitiveness of Omani products in regional and international markets, while driving export growth. 'The electrical machinery and equipment sector is experiencing rapid growth, spurred by rising demand locally and regionally, and linked to the expansion of infrastructure projects, including electricity networks, public utilities, and the development of new cities. This growth is also supported by increased investment in industries related to renewable energy,' said Qassabi. He emphasised that the sector is a priority under Oman's Industrial Strategy 2040, due to its role in developing supply chains, enhancing the added value of the national economy, supporting entrepreneurship, and facilitating the localisation of advanced technologies. Eng Jassim bin Saif al Jadidi, Technical Director at the Office of the Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, stressed the continuation of efforts to expand the presence of Omani products in both regional and global markets. This goal is central to the Industrial Strategy and a key pillar of Oman Vision 2040. He explained that these efforts involve launching a series of qualitative initiatives aimed at improving the efficiency and quality of national products. This includes supporting local manufacturers in meeting the highest technical standards and international specifications, thereby enhancing competitiveness and consumer confidence in Omani goods. He added that the ministry, in coordination with relevant authorities, is working to open new markets for Omani exports by activating regional and international trade agreements, participating in exhibitions and trade missions, and providing incentives and support for Omani exporters. The ministry is also encouraging the growth of knowledge-based industries and the adoption of advanced technologies, including artificial intelligence and Fourth Industrial Revolution tools. These technologies play a crucial role in improving product quality, reducing costs, and ensuring sustainable industrial growth. They also contribute significantly to supporting the national economy, creating quality employment opportunities for Omani nationals, and reinforcing the sultanate's position as a promising industrial and logistics hub in the region. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
South China Morning Post
2 days ago
- Business
- South China Morning Post
US efforts to coerce China into trade concessions ‘will not work', analysts say
US President Donald Trump's attempts to force Beijing back to the negotiating table by piling 'extreme pressure' on the Chinese economy through a barrage of export controls are doomed to fail, analysts said. Washington has unveiled new curbs on the sale of jet engine and chip design technologies to China in recent days, as Trump insisted in a social media post that he would no longer be 'Mr Nice Guy' on trade. But Beijing responded with a stinging rebuke on Monday, with the Ministry of Commerce rejecting accusations that China had violated the trade deal agreed in Geneva last month. 'The United States keeps initiating trade frictions unilaterally that lead to uncertainties in the bilateral relationship,' the ministry said in a statement, adding that Washington was 'gravely deviating from the truth' in its remarks. 'China is holding to its responsibility to seriously and strictly follow up and proactively maintain the consensus after the Geneva talks with determination and integrity,' the ministry said. Tensions between the world's two biggest economies have flared up once more over the implementation of the Geneva deal, which saw the US and China agree to drastically scale back tariffs on each other's goods for 90 days.
Arab News
2 days ago
- Business
- Arab News
Oman's electrical machinery exports surge 141% in Q1 as industrial policy drives growth
RIYADH: Exports of electrical machinery and equipment from Oman surged by 141 percent in the first quarter of 2025, reaching 128 million Omani rials ($332.8 million) compared to 53 million rials in the same period of 2024, according to official data. The strong performance of the sector highlights its growing importance to the country's industrial base and export competitiveness, the National Center for Statistics and Information revealed. Officials have linked the sharp rise to rising demand across domestic and regional markets, driven by ongoing infrastructure expansion and increased investment in renewable energy projects. In figures released in May, the Oman News Agency revealed that the country's non-oil exports rose by 8.6 percent year on year in the first quarter of 2025, reaching 1.618 billion rials. Commenting on the latest release, Khalid Al-Qassabi, director general of Industry at the Ministry of Commerce, Industry and Investment Promotion, stated that the positive results reflect the resilience and diversity of Oman's industrial base, according to a report by the ONA. 'He noted that the ministry continues to implement integrated industrial policies aimed at enhancing the position of national products in regional and international markets and driving industrial exports to higher levels,' the news agency added. Al-Qasabi said that growth in the electrical equipment sector is being supported by major infrastructure developments, such as the expansion of electricity networks, utilities, and new cities. He also pointed to rising interest in renewable energy technologies, which is boosting demand for domestically manufactured components. The sector is considered a strategic priority under Oman's Industrial Strategy 2040, with the potential to enhance supply chains, increase national value-added, foster entrepreneurship, and support the localization of advanced technologies. Jasim Al-Jadeedi, technical director in the Office of the Undersecretary for Commerce and Industry, reiterated the ministry's focus on expanding the global presence of Omani industrial goods. He said this is a central objective of the country's industrial strategy and a key component of its economic diversification agenda under Oman Vision 2040. Al-Jadheedi explained that several initiatives are underway to improve product quality and competitiveness, including support for manufacturers in meeting international technical standards. He added that the government is working with relevant stakeholders to unlock new export markets through trade agreements, international exhibitions, and trade missions, while offering targeted incentives to local exporters. The technical director also emphasized the importance of adopting advanced technologies, including artificial intelligence and Industry 4.0 tools, to enhance efficiency, reduce costs, and achieve sustainable industrial growth. This sectoral expansion comes amid broader momentum in the industrial economy. Total credit extended by Oman's banking sector increased by 9 percent year-on-year to 33.6 billion rials by the end of April, indicating continued strength in financing for the private sector and industrial enterprises. Non-oil industrial exports overall rose by 8.6 percent during the first quarter to 1.618 billion rials, up from 1.49 billion rials a year earlier. Industrial goods accounted for 28 percent of total exports during the period, led by electrical machinery and mineral products, the latter of which recorded a 14.1 percent rise in exports to 462 million rials.
Irish Times
2 days ago
- Business
- Irish Times
China accuses US of violating trade deal, vows firm response
China accused the US of violating their recent trade deal and vowed to take measures to defend its interests, dimming the prospect of an immediate leadership call that Donald Trump wants to have to further bilateral talks. The Chinese Ministry of Commerce issued a statement rebuking the US president's claim that Beijing breached the consensus reached in Geneva last month. The dust-up threatened to upend trade relations even as Trump expressed hope on Friday he will speak with Chinese President Xi Jinping, with White House economic adviser Kevin Hassett expecting a call to take place this week. Beijing accused the US of unilaterally introducing new discriminatory restrictions, including new guidelines on AI chip export controls, curbs on chip design software sales to China and the revocation of Chinese student visas. 'If the US insists on its own way and continues to damage China's interests, China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests,' the ministry said. It also said the US violated the consensus reached between Trump and Xi on January 17, when they last spoke, without elaborating. READ MORE Asian shares dropped along with US stock-index futures, with a gauge of Chinese stocks traded in Hong Kong falling as much as 2.9%, the most in nearly two months. Tensions between the world's largest economies are ratcheting up again after the tariff thaw in May. The Trump administration last week said it planned to start revoking visas for Chinese students while moving to restrict the sale of chip design software to China. They have also barred the export of critical US jet engine parts and technology to China, the New York Times reported. Beyond strains in economic ties, geopolitical friction is also growing. China's Foreign Ministry over the weekend protested US Defense Secretary Pete Hegseth's assertion at a gathering of military chiefs that China poses an imminent threat to Taiwan, a self-ruled island claimed by Beijing. Trump didn't elaborate when he accused Beijing of violating the tariff truce on Friday, but US Trade Representative Jamieson Greer complained that China had not sped exports of critical minerals needed for cutting-edge electronics. China has been loosening the grip on its exports of rare earths over the past week at a pace that's 'slower than industry would like,' said Michael Hart, president of the American Chamber of Commerce in China. In the statement, the Commerce Ministry said it 'resolutely rejects' the US accusations and that the country has strictly and sincerely implemented the consensus. Trump's comments came a day after US Treasury Secretary Scott Bessent said talks with China on trade had stalled and suggested that a call between Trump and Xi might be necessary to break the deadlock. The US president 'is going to have a wonderful conversation about the trade negotiations this week with President Xi,' Hassett, director of the White House National Economic Council, said on Sunday on ABC News. 'That's our expectation.' Trump has signaled a wish to have a call with his Chinese counterpart as early as February and later said he was willing to travel to the Asian nation to meet with Xi, although no such engagement has been scheduled so far. --Bloomberg
New York Times
3 days ago
- Business
- New York Times
China Rejects Trump's Accusation That It Violated Trade Truce
China said on Monday that the United States had 'severely undermined' the trade truce the two countries reached last month, striking back against President Trump's accusations that it was violating the terms of their agreement. In a statement, China's Ministry of Commerce called Mr. Trump's attacks on social media last week 'baseless.' He had accused Beijing of failing to live up to its end of their trade deal, a 90-day rollback of tariffs and other trade barriers to give the two countries more time to negotiate and prevent an all-out trade war. China's commerce ministry said it had continued to honor its agreement responsibly and accused the United States of 'erroneous practices' by introducing a series of 'discriminatory restrictive measures.' These included restrictions on the sale of chip design software to China and barring American companies from using or financing artificial intelligence chips from the Chinese technology giant Huawei. It also criticized the Trump administration's announcement that it planned to 'aggressively revoke' the visas of Chinese students and that it would enhance scrutiny of all future applications from China, including Hong Kong. 'The U.S. side has unilaterally escalated new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations,' the ministry wrote in its statement. 'Instead of reflecting on its own actions, it has turned the blame onto China.' China said it would take measures to 'safeguard its legitimate rights and interests' if the United States continued to harm Chinese interests. The growing confrontation over the fragile trade truce between the world's two largest economies has raised questions about whether they can strike a permanent accord within the 90-day deadline. The United States has grown increasingly concerned about access to rare earth magnets, which are crucial for producing cars, semiconductors, aircraft and other vital items. China maintains a near monopoly on the production of rare earth metals. American companies' ability to keep factories running could be in jeopardy without a sufficient supply of those magnets. Jamieson Greer, the U.S. trade representative who negotiated the deal along with Treasury Secretary Scott Bessent, said during a Friday appearance on CNBC that China was 'slow-rolling their compliance' and that the flow of some critical minerals has not returned to levels that American officials were expecting. The agreement, announced on May 12, offered a temporary reprieve to the escalating trade tensions between the two largest economies. The United States had pushed tariffs on Chinese imports to 145 percent and China responded by raising import duties on American products to 125 percent. Under the truce, the United States agreed to lower its tariffs to 30 percent, while China cut its import tax to 10 percent for 90 days. Amy Chang Chien contributed reporting from Taipei.
