Indian exports to Oman hit three year high

Indian exports to Oman have touched a three year high, according to data disclosed by the Indian embassy.

Indian exports to the Sultanate had taken a hit after 2014, thanks to a crash in oil prices. However, there seems to have been a modest recovery, especially in the past Indian financial year which runs from April 2016 to March 2017.

India’s export to Oman was the equivalent of $2,7731.48 million in 2016-17. Whereas Indian goods worth $2,190.89 million had been exported to the Sultanate in 2015-16 and a slightly better $2,379.44 million in 2014-15. Unaffected by the oil price crash, Indian exports to Oman had been worth $2,812.27 million in 2013-14. It can be recalled that oil prices started crashing drastically from mid June 2014.

It is also worth noting that imports from Oman to India have yet to recover and are at a three year low. Goods worth $1,275.11 million were imported by India from the Sultanate. This is a far cry from 2013-14, when Omani imports to India had been worth $2,951.18 million.

Bilateral trade that had seen a decline during since 2014 is also at a three year high. In 2013-14, before the oil prices crashed, total trade between the two countries had been worth $5,763.45 million.

Major Indian exports to Oman includes machinery, iron and steel implements, electrical equipment, textiles, garments, chemicals, food and beverages among other goods.

Whereas India mainly imports fertilizers, mineral fuels, oils, aluminum, salt, plastering materials, lime and cement from the Sultanate besides other items.

“Investment flows, both ways, have been robust, as reflected in numerous joint ventures, established both in India and Oman. There are over 2,900 India-Oman joint ventures in Oman. Indian firms have emerged as prime investors in Oman, particularly in Salalah and Sohar free zones,” a statement from the Indian embassy in Muscat said.

“Embassy of India, Muscat, has been encouraging Indian and Omani companies to engage more with one another and benefit from tremendous opportunities available for trade and mutual investments in two countries, especially in priority sectors such as infrastructure, logistics, oil and gas, minerals and mining, manufacturing, engineering, power, IT, pharmaceuticals, healthcare and agriculture,” Second secretary at the Indian embassy Yumkhaibam Sabir said.

Moreover, Indian business delegations regularly visit Oman to participate in trade exhibitions in the Sultanate. Omani business delegations reciprocate by visiting India to participate in exhibitions related to health, ceramics and electronics sector among others. Plenty of delegations from the two countries went back and forth during this year.