Latest news with #export growth
Zawya
2 days ago
- Business
- Zawya
Oman's non-oil exports increase 7% to $7bln
Muscat – Buoyed by strong demand for Omani products in the UAE, Saudi Arabia and India, the sultanate's non-oil exports recorded a robust increase of over 7% during the first five months of 2025. According to data released by the National Centre for Statistics and Information (NCSI), Oman's total non-oil exports rose by 7.2% to RO2.701bn between January and May 2025, compared to RO2.521bn during the same period in 2024. The growth was largely driven by rising demand from key regional and global markets. Exports to the United Arab Emirates surged by nearly 23%, reaching RO485mn in the January–May period of 2025, up from RO395mn during the corresponding period last year. Shipments to Saudi Arabia climbed by 34.9% to RO451mn, compared to RO335mn a year earlier. India also emerged as a strong market for Omani products, with non-oil exports increasing by 38.9% to RO280mn in the first five months of 2025, from RO202mn in the same period of 2024. The NCSI data indicated that the recovery in non-oil exports is broad-based across nearly all of Oman's major trading partners – with the notable exception of the United States. This performance highlights the continued success of Omani exporters in expanding their reach and meeting overseas demand. However, exports to the United States fell by 17.5% to RO159mn in the first five months of this year, down from RO193mn during the same period last year. Non-oil exports to other countries also recorded modest growth of 1.5%, amounting to RO1.125bn between January and May 2025, compared to RO1.108bn in 2024. In terms of product categories, Oman's mineral product exports stood at RO716mn in the first five months of 2025, slightly lower than RO721mn during the same period last year. Exports of chemical products, however, rose by 9.2% to RO339mn, up from RO311mn. With enhanced production capacity in Oman's downstream industries, exports of plastics, rubber and related items remained relatively stable at RO394mn, compared to RO399mn in the corresponding period of 2024. Base metals and related articles contributed RO568mn in export value during the five-month period, reflecting a 1.4% increase from RO560mn last year. Meanwhile, exports of live animals and animal products rose by 9.9% to RO164mn. In contrast, Oman's re-export activity declined by 10.3% in the first five months of 2025, falling to RO623mn from RO695mn during the same period in 2024. This drop was primarily attributed to lower transshipments of transport equipment and mineral products. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
South China Morning Post
11-05-2025
- Business
- South China Morning Post
Hong Kong will ‘play it safe' with growth figures amid US tariff war: Paul Chan
Hong Kong is unlikely to significantly adjust its estimates for the economy as there are major uncertainties externally, the city's finance chief has said, adding that export growth is expected to slow down after businesses rushed to beat US tariffs in the first quarter. Advertisement Financial Secretary Paul Chan Mo-po said on Sunday that the widespread effects of the US tariff war were a major concern across the board during his recent visits to international summits. 'There are major uncertainties over the economic outlook,' he told a radio programme. 'The US tariffs have a huge impact, so in the near future, to play it safe, we might not readily make major changes to our gross domestic product estimates.' The United States and China started trade talks in the Swiss city of Geneva this weekend, with US President Donald Trump calling it ' a very good meeting ' after discussions broke off on Saturday evening. Chan had forecast in his budget in February that the economy could see full-year growth of 2 to 3 per cent. Financial Secretary Paul Chan was in Italy last week for the Asian Development Bank's annual meeting. Photo: Handout
South China Morning Post
11-05-2025
- Business
- South China Morning Post
Hong Kong will ‘play it safe' with growth figures due to US tariffs: Paul Chan
Hong Kong is unlikely to significantly adjust its estimates for the economy as there are major uncertainties externally, the city's finance chief has said, adding that export growth is expected to slow down after businesses rushed to beat US tariffs in the first quarter. Advertisement Financial Secretary Paul Chan Mo-po said on Sunday that the widespread effects of the US tariff war were a major concern across the board during his recent visits to international summits. 'There are major uncertainties over the economic outlook,' he told a radio programme. 'The US tariffs have a huge impact, so in the near future, to play it safe, we might not readily make major changes to our gross domestic product estimates.' The United States and China started trade talks in the Swiss city of Geneva this weekend, with US President Donald Trump calling it ' a very good meeting ' after discussions broke off on Saturday evening. Chan had forecast in his budget in February that the economy could see full-year growth of 2 to 3 per cent. Financial Secretary Paul Chan was in Italy last week for the Asian Development Bank's annual meeting. Photo: Handout
