The trade relationship between the United Kingdom and the Sultanate of Oman has seen substantial expansion in the four quarters leading up to the conclusion of Q2 2023.
As per the most recent data from the British Department for Business and Trade, the total trade in goods and services between these two countries has reached £1.3 billion (approximately RO 610 million), marking an impressive increase of 25.1%, equivalent to £257 million (approximately RO 120 million), in current prices compared to the same period in 2022.
These statistics reveal that the UK’s exports to Oman have experienced a significant surge, reaching £1.0 billion (approximately RO 470 million) in the four quarters preceding Q2 2023. This demonstrates a noteworthy growth of 19.0%, amounting to £161 million (approximately RO 75.5 million), in current prices when compared to the corresponding period in the previous year.
Conversely, the UK’s imports from Oman have also witnessed a remarkable upswing, totaling £275 million (approximately RO 130 million) in the four quarters leading up to Q2 2023. This represents an impressive increase of 53.6%, or £96 million (approximately RO 45 million), in current prices compared to the same period in 2022.
These latest trade figures underscore a promising upward trend in the economic partnership between the UK and Oman. The substantial growth in both exports and imports suggests a growing interest in cooperation between the two nations. This not only signifies potential opportunities for businesses but also underscores the significance of strengthening the bonds between the UK and Oman in the years ahead. As the global economic landscape continues to evolve, such trade dynamics are vital for ensuring long-term prosperity and economic stability for both nations
