Oman: Trade balance, percent of GDP
* indicates monthly or quarterly data series
| Oman |
Trade balance as percent of GDP |
|---|---|
| Latest value | 16.37 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1967 - 2023 |
| Average | 17.43 |
| Min - Max | -6.82 - 62.70 |
| Source | The World Bank |
The latest value from 2023 is 16.37 percent, a decline from 20.76 percent in 2022. In comparison, the world average is -4.23 percent, based on data from 162 countries. Historically, the average for Oman from 1967 to 2023 is 17.43 percent. The minimum value, -6.82 percent, was reached in 1998 while the maximum of 62.7 percent was recorded in 1969.
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* indicates monthly or quarterly data series
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The trade balance for Oman and other countries is calculated as the difference between the exports and imports of goods and services, as percent of GDP. A positive number means trade surplus and a negative number means trade deficit.
Definition: The balance of international trade in goods and services is the difference between the exports and imports of goods and services. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 99.90 | 2023 | percent |
| Trade openness | 105.92 | 2023 | percent |
| Financial openness | 1.785 | 2022 | index points |
| Exports, percent of GDP | 61.14 | 2023 | percent |
| Exports, billion dollars | 64.75 | 2023 | billion U.S. dollars |
| Growth of exports | 1.86 | 2023 | percent |
| Imports, percent of GDP | 44.77 | 2023 | percent |
| Imports, billion dollars | 47.41 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 11.79 | 2023 | percent |
| Foreign Direct Investment, billion dollars | 8.69 | 2024 | billion U.S. dollars |
| Portfolio investment inflows, equities | -964.63 | 2023 | million dollars (current) |
| Current account, percent of GDP | 2.86 | 2024 | percent |
| Trade balance, percent of GDP | 16.37 | 2023 | percent |
| Trade balance, in dollars | 17.34 | 2023 | billion U.S. dollars |
| Reserves | 18.29 | 2024 | billion U.S. dollars |
| Remittances, percent of GDP | 0.04 | 2023 | percent |
| Remittances | 39.01 | 2023 | million U.S. dollars |
| Net errors and omissions | -1,005.83 | 2024 | million USD |