Overview: In 2018 Oman was the number 68 economy in the world in terms of GDP (current US$), the number 56 in total exports, the number 66 in total imports, and the number 68 most complex economy according to the Economic Complexity Index (ECI). In 2018, Oman exported $41.1B and imported $33.5B, resulting in a positive trade balance of $7.66B. In 2018, Oman's exports per capita were $8.51k and its imports per capita were $6.93k.
In 2018 Oman exported a total of $41.1B, making it the number 56 exporter in the world. During the last five reported years the exports of Oman have changed by -$7.86B from $49B in 2013 to $41.1B in 2018.
In 2018 Oman imported $33.5B, making it the number 66 trade destination in the world. During the last five reported years the imports of Oman changed by -$2.01B from $35.5B in 2013 to $33.5B in 2018.
In 2018, Oman exported $4.46B worth of services. The top services exported by Oman in 2018 were Transportation ($2.12B), Personal travel ($1.32B), Business travel ($440M), Other business services ($437M), and Computer and information services ($104M).
The top services imported by Oman in 2018 were Transportation ($4.52B), Other business services ($3.4B), Personal travel ($2.17B), Insurance services ($1.06B), and Business travel ($369M).
This section shows forecasts for total product exports and imports for Oman. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Oman are:136: Most Favoured Nation duty rate treatement217: Preferential tariff for European Free Trade Association (EFTA) countries231: Preferential tariff for Gulf Cooperation Council (GCC)299: Preferential tariff for Singapore313: Preferential tariff for the League of Arab States328: Preferential tariff for United States
During the last 20 years Oman's economy has become relatively more complex, moving from the 79th to the 68th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
Oman has a high level of specialization in Gypsum (51.5), Iron Reductions (46), Limestone (28.6), Sheep and Goats (22.7), and Gravel and Crushed Stone (17.6). Specialization is measured using RCA, an index that takes the ratio between Oman observed and expected exports in each product.
The top export opportunities for Oman according to the relatedness index, are Raw Cotton (0.12), Gold (0.12), Tropical Fruits (0.12), Other Oily Seeds (0.11), and Dried Legumes (0.11). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Oman is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
Oman
