Turkey-Oman Economic and Trade Relations

Economy of Oman (2017)

GDP (nominal, billion USD)

65.8

Inflation rate (%)

1,7

Real GDP growth rate (%)

-0,1

Unemployment rate (%)

7,5 (According to IMF, this figure is above 20 %)

Population (million)

4,6

Export (fob-billion $ )

27,5

GDP per capita (USD)

46.697

Import (cif-billion $ )

20,2

S ource: Turkish Embassy in Muscat, National Centre for Statistics and Information of Oman, IMF, World Bank

Main export partners: UAE, Saudi Arabia, Qatar, India, PRC, Iran, Yemen

Main import partners: UAE, USA, PRC, India, Saudi Arabia, Brazil, Yemen

Main export items: Minerals, crude oil, petroleum oil and derivates, iron, organic chemicals, aluminum and aluminum products

Main import items: Air vehicles, gold, iron, petroleum oils, electronic equipment, construction equipment.

Bilateral Trade and Economic Relations (in million USD):

2015

2016

2017

2018

Export

325

244

221

422

Import

60

49

95

67

Volume

385

293

316

489

Balance

265

195

126

355

Source: TurkStat

Due to the decline in global oil prices, Turkey’s trade volume with Oman decreased in 2015 and 2016 (compared to 2013 and 2014), whereas in 2017, bilateral trade volume started to increase again. In 2018, the bilateral trade volume gained a major impetus and reached by the end of 2018 USD 489 million, showing a 55% increase compared to the bilateral trade volume in 2017 (USD 316 million).

Turkey’s main export items to Oman: Iron and steel, furniture, weaved carpet, motor vehicles, machinery, food items

Turkey’s main import items from Oman: Aluminum and aluminum products, petroleum oils, plastic and plastic products, synthetic and artificial discontinuous fibers

Bilateral Cooperation Mechanisms:

Joint Economic Commission (JEC) Meetings: 10th meeting of the Joint Economic Commission was held on 9-10 May 2017 in Muscat.

Turkey-Oman Business Council: The agreement establishing the Turkey-Oman Business Council was signed between the Istanbul Chamber of Commerce (ITO), the Union of Chambers and Commodity Exchanges of Turkey (TOBB) and the Oman Chamber of Commerce and Industry (OCCI) on 1 December 2006 in Istanbul. The last meeting of the Council was convened on 9-10 April 2018 in Muscat.