With growing demand for non-oil Omani exports, the manufacturing sector’s contribution to the sultanate’s GDP (at current prices) has reached to 9.6 per cent, delivering a value added of RO3bn, according to figures released by the National Centre for Statistics and Information (NCSI).
The manufacturing exports contributed for 31.4 per cent of the total volume of Oman’s exports and 93 per cent of the total volume of imports in 2018, the NCSI data showed as reported by Oman News Agency.
The UAE, which remains the biggest destination for Oman’s manufacturing exports, accounted for 20.9 per cent share in the sultanate’s total manufacturing exports, followed by Qatar at 11.9 per cent share and Saudi Arabia at 9.1 per cent. India and China accounted for 6.3 per cent and 5.6 per cent, respectively, in total exports.
The statistics showed that Sohar Port facilitated nearly 54 per cent (worth RO3bn) of total manufacturing exports last year.
The non-oil manufacturing exports increased 19.7 per cent to RO4.4bn in 2018 compared to the previous year, representing 87 per cent of total manufacturing exports. On the other hand, oil manufacturing exports from Oman dropped 10.9 per cent to RO648mn last year compared to 2017.
As per the NCSI report, the number of establishments in the manufacturing sector increased by 3,487 new establishments last year to reach a total of 61,217 establishments as of the end of 2018.
On the other hand, the value of manufacturing industry imports in 2018 decreased 1.6 per cent to RO9.3bn, representing 93 per cent of total imports. Imports from the UAE represented 48.1 per cent (or RO4.5bn) of total manufacturing imports last year, followed by imports from China at 6.2 per cent and India at 4.2 per cent.
As much as 48 per cent of total manufacturing imports (or RO4.5bn) were facilitated through Sohar Port in 2018, according to the NCSI data.
According to the NCSI report, the total foreign direct investment (FDI) in Oman’s manufacturing sector amounted to RO1.3bn at the end of 2018, representing 9.7 per cent of the total FDI in the country.
With a total direct investment of RO241.2mn, the UAE was the biggest contributor in terms of FDI in Oman’s manufacturing sector, representing 19 per cent of total volume of FDI in manufacturing at the end of 2018.
Other major foreign direct investment contributors in Oman’s manufacturing sector were India (8.7 per cent), the US (7.9 per cent), the Netherlands (7.6 per cent) and Kuwait (3.9 per cent), the NCSI statistics showed.
Source Link: muscatdaily.com