Oman’s import of aluminium bar rods and profiles during 2018-19 displays steady growth; 2020 records a drastic downswing
Oman’s economy countered a double shock in 2020, the covid-19 pandemic and the drop in oil prices. IMF projected that the country’s non-oil gross domestic product will grow by 1.5% in 2021 and could improve to 4% by 2026 if fiscal measures are successfully carried out.
The oldest independent state in the Arab world registered an import volume of 25,863 tonnes of aluminium bar rods and profiles and the foreign revenue expended for the import was $75.52 million. The import for 2020 stood at 721 tonnes only and the expenditure remained at $2.57 million. However, when the import volume and expenditure of 2020 get footed with the existing two years, it displays 26,584 tonnes and $78.09 million respectively.
Oman’s import of aluminium bar rods and profiles in 2018 was documented at 12,455 tonnes and the expenditure accounted for the import was $37.12 million, whereas, in 2019, the import saw an elevation of 7.65%, as import volume rose to 13,408 tonnes and the expenditure also grew to $38.40 million.
The import for 2020 demonstrates a drastic plunge in the import, as the volume dropped to 721 tonnes and the expenditure also fell to $2.57 million.
The major trading destinations for Oman’s import of aluminium bar rods and profiles are Bahrain, Italy, Greece, Jordan, Saudi Arabia, UAE, etc.
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