Flag Oman

Econ Complexity (2018): -0.046, Rank 68 of 137

Product Exports (2018): $41.1B, Rank 56 of 222

Exports Per Capita (2018): $8.51k, Rank 65 of 219

Product Imports (2018): $33.5B, Rank 66 of 221

Imports Per Capita (2018): $6.93k, Rank 68 of 219

Service Exports (2018): $4.46B, Rank 45 of 88

Service Imports (2018): $11.7B, Rank 30 of 88

GDP (2018): $79.3B, CURRENT US$
Rank 68 of 196

GDP growth (2008 - 2018): 30.2%, CURRENT US$
Rank 111 of 196

GDP PC (2018): $16,415, CURRENT US$
Rank 57 of 196

GDP PC GROWTH (2008 - 2018): -25.9%, CURRENT US$
Rank 190 of 196

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.

Trade: The top exports of Oman are Crude Petroleum ($20B), Petroleum Gas ($3.29B), Refined Petroleum ($2.8B), Iron Ore ($841M), and Cyclic Hydrocarbons ($832M). The top imports of Oman are Cars ($2.19B), Refined Petroleum ($1.92B), Iron Ore ($818M), Broadcasting Equipment ($691M), and Planes, Helicopters, and/or Spacecraft ($624M).

Destinations: Oman exports mostly to China ($16.7B), India ($3.31B), United Arab Emirates ($2.84B), South Korea ($2.49B), and Saudi Arabia ($2.14B), and imports mostly from United Arab Emirates ($11.7B), China ($2.42B), India ($1.88B), Japan ($1.54B), and United States ($1.38B).

Location: Oman borders Saudi Arabia, United Arab Emirates, and Yemen by land and Iran and Pakistan by sea.

Product Exports

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Depth

Top Export (2018): Crude Petroleum, $20B

Top Destination (2018): China, $16.7B

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.

The most recent exports are led by Crude Petroleum ($20B), Petroleum Gas ($3.29B), Refined Petroleum ($2.8B), Iron Ore ($841M), and Cyclic Hydrocarbons ($832M). The most common destination for the exports of Oman are China ($16.7B), India ($3.31B), United Arab Emirates ($2.84B), South Korea ($2.49B), and Saudi Arabia ($2.14B).

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Product Imports

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Depth

Top Import (2018): Cars, $2.19B

Top Origin (2018): United Arab Emirates, $11.7B

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.

The most recent imports of Oman are led by Cars ($2.19B), Refined Petroleum ($1.92B), Iron Ore ($818M), Broadcasting Equipment ($691M), and Planes, Helicopters, and/or Spacecraft ($624M). The most common import partners for Oman are United Arab Emirates ($11.7B), China ($2.42B), India ($1.88B), Japan ($1.54B), and United States ($1.38B).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Oman Exports Services (2018): $4.46B

Oman Imports Services (2018): $11.7B

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).

Trade Forecasts

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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.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Oman are Beer made from malt (100%) and Bellies (streaky) of swine, salted, dried or smoked (100%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Oman are:
136: Most Favoured Nation duty rate treatement
217: Preferential tariff for European Free Trade Association (EFTA) countries
231: Preferential tariff for Gulf Cooperation Council (GCC)
299: Preferential tariff for Singapore
313: Preferential tariff for the League of Arab States
328: Preferential tariff for United States

Economic Complexity

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Economic Complexity Ranking

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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.

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Most Specialized Products by RCA Index

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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.

Most Complex Products by PCI

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The highest complexity exports of Oman according to the product complexity index (PCI) are Aldehyde, its cyclic polymers, paraformaldehyde (1.02), Polyacetals, polyethers, polycarbonates, etc, primary (0.95), Derricks, cranes, straddle carriers, crane trucks (0.95), Cyclic hydrocarbons (0.71), and Spark-ignition internal combustion engines (0.67). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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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.

Diversification Frontier

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Depth

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.