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
2020 Service Exports | Imports : $2.22B | $8.33B, 49 of 65 | 36 of 65
Overview In 2020, Oman was the number 70 economy in the world in terms of GDP (current US$), the number 62 in total exports, the number 67 in total imports, the number 65 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 Iran and 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.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*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, $9.69B
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).
Oman Exports Services (2020): $2.22B
Oman Imports Services (2020): $8.33B
In 2020, Oman exported $2.22B worth of services. The top services exported by Oman in 2020 were Transportation ($1.1B), Travel ($441M), Other business services ($423M), Computer and information services ($222M), and Insurance services ($40M).
The top services imported by Oman in 2020 were Other business services ($3.23B), Transportation ($2.75B), Insurance services ($1.06B), Travel ($1.04B), and Computer and information services ($256M).
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 Precious Metal Watches (0.85), Polyacetals (0.74), Metal Office Supplies (0.74), Cyclic Hydrocarbons (0.6), and Aluminium Plating (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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