Oman re-export revenue jumps $299 million in first quarter of 2020 amid coronavirus

Oman re-export revenue jumps $299 million in first quarter of 2020 amid coronavirus

Oman’s revenue from re-exports jumped by a third in the first quarter of 2020, up around 114.9 million riyals ($299 million) compared to the same period last year official statistics showed, according to a report from Omani-based newspaper Times of Oman.

Earnings from re-exports hit 463.4 million by the end of March 2020, compared to 348.5 million at the end of March 2019, figures from the National Centre for Statistics and Information (NCSI) showed, the Times said.

“The reason Oman’s re-export capacity has increased is because of the infrastructure Omani ports have, compared to the region, and the geographical positioning of the country,” an official at a leading ports management company in the country told the Times.

“This means it is easier for shipping companies to use these ports,” he added.

The jump in revenue came even as the coronavirus has plunged the world economy into potentially its biggest recession in nearly a century. However, these figures only go up until March 2020, before the virus began to hit the Middle East hard in April.

India was named as Oman’s largest re-export partner in the report in terms of percentages, but accounted for only 18 million riyals of re-exports. Meanwhile, re-exports to the UK increased 287 percent to 21.2 million riyals, up from 5.5 million riyals in the same period last year.

“Oman’s geopolitical position is also very helpful to it,” the official told the Times. “The country’s strategic location means it is on many regional shipping routes.”

Related Articles

Back to top button