Oman2020 Economic Complexity : -0.27, Rank 73 of 127
2020 Product Exports | Imports: $30.6B | $26.9B, 62 of 226 | 67 of 226
2020 Per Capita Product Exports | Imports: $5.99k | $5.27k, 59 of 219 | 74 of 219
2019 Service Exports | Imports : $5B | $12.1B, 38 of 69 | 27 of 69
Overview In 2020 Oman was the number 70 economy in the world in terms of GDP (current US$), the number 62 in total exports, the number 67 in total imports, the number 57 economy in terms of GDP per capita (current US$) and the number 73 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Oman are Crude Petroleum ($13.3B), Petroleum Gas ($4.4B), Refined Petroleum ($2.39B), Semi-Finished Iron ($1.03B), and Nitrogenous Fertilizers ($957M), exporting mostly to China ($13.8B), India ($2.77B), South Korea ($1.93B), United Arab Emirates ($1.75B), and Saudi Arabia ($1.57B).
Imports The top imports of Oman are Cars ($2.21B), Broadcasting Equipment ($1.08B), Refined Petroleum ($937M), Machinery Having Individual Functions ($724M), and Iron Ore ($656M), importing mostly from United Arab Emirates ($9.69B), China ($3.08B), India ($2.31B), Japan ($1.28B), and United States ($1.08B).
Location Oman borders Saudi Arabia, United Arab Emirates, and Yemen by land and Iranand Pakistan by sea.
The following section uses the most recent trade data from partners of Oman.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Crude Petroleum, $13.3B
Top Destination (2020): China, $13.8B
In 2020, Oman exported a total of $30.6B, making it the number 62 exporter in the world. During the last five reported years the exports of Oman have changed by -$4.61B from $35.2B in 2015 to $30.6B in 2020.
The most recent exports are led by Crude Petroleum ($13.3B), Petroleum Gas ($4.4B), Refined Petroleum ($2.39B), Semi-Finished Iron ($1.03B), and Nitrogenous Fertilizers ($957M). The most common destination for the exports of Oman are China ($13.8B), India ($2.77B), South Korea ($1.93B), United Arab Emirates ($1.75B), and Saudi Arabia ($1.57B).
Top Import (2020): Cars, $2.21B
Top Origin (2020): United Arab Emirates, $9.69B
In 2020 Oman imported $26.9B, making it the number 67 trade destination in the world. During the last five reported years the imports of Oman changed by -$4.21B from $31.1B in 2015 to $26.9B in 2020.
The most recent imports of Oman are led by Cars ($2.21B), Broadcasting Equipment ($1.08B), Refined Petroleum ($937M), Machinery Having Individual Functions ($724M), and Iron Ore ($656M). The most common import partners for Oman are United Arab Emirates ($9.69B), China ($3.08B), India ($2.31B), Japan ($1.28B), and United States ($1.08B).
Oman Exports Services (2019): $5B
Oman Imports Services (2019): $12.1B
In 2019, Oman exported $5B worth of services. The top services exported by Oman in 2019 were Transportation ($2.45B), Personal travel ($1.36B), Other business services ($460M), Business travel ($453M), and Computer and information services ($234M).
The top services imported by Oman in 2019 were Transportation ($4.37B), Other business services ($3.79B), Personal travel ($2.24B), Insurance services ($1.08B), and Business travel ($376M).
The top product import tariffs by their MFN Ad Valorem value for Oman are Tobacco refuse (1.39k%)and Homogenized or reconstituted tobacco (490%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Oman are:
Oman has a high level of specialization in Iron Reductions (116), Gypsum (47.5), Limestone (46.6), Gravel and Crushed Stone (28.1), and Semi-Finished Iron (23.6). Specialization is measured using RCA, an index that takes the ratio between Oman observed and expected exports in each product.
The highest complexity exports of Oman according to the product complexity index (PCI) are Watches with case of, or clad with, precious metal (0.85), Polyacetals, polyethers, polycarbonates, etc, primary (0.74), Office staples, binder fittings, paper clips etc. (0.74), Cyclic hydrocarbons (0.6), and Aluminium plates, sheets and strip, thickness > 0.2 mm (0.53). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Oman according to the relatedness index, are Gold (0.099), Sheep Hides (0.095), Tropical Fruits (0.095), Soap (0.093), and Cocoa Beans (0.093). 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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Oman's economy has become relatively less complex, moving from the 72nd to the 73rd 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.
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