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  • Oman

    • Oman

    U.S.-Oman Trade Facts

    Upon entry into force of the United States-Oman Free Trade Agreement (FTA) on January 1, 2009, Oman provided immediate duty-free access on virtually all industrial and consumer products in its tariff schedule duty-free access for U.S. agricultural products in 87 percent of agricultural tariff lines. Oman will phase out tariffs on the remaining products within 10 years. The agreement also provides for substantial market access across Oman's entire services regime, a secure, predictable legal framework for U.S. investors operating in Oman, an effective enforcement of labor and environmental laws, and enhanced protection of intellectual property.

    In 2019, Oman GDP was an estimated $76.6 billion (current market exchange rates); real GDP was up by an estimated 0.5%; and the population was 4 million. (Source: IMF)

    U.S. goods and services trade with Oman totaled an estimated $3.8 billion in 2019. Exports were $2.5 billion; imports were $1.3 billion. The U.S. goods and services trade surplus with Oman was $1.2 billion in 2019.

    Oman is currently our 72nd largest goods trading partner with $3.1 billion in total (two way) goods trade during 2019. Goods exports totaled $1.9 billion; goods imports totaled $1.2 billion. The U.S. goods trade surplus with Oman was $777 million in 2019.

    Trade in services with Oman (exports and imports) totaled an estimated $744 million in 2019. Services exports were $571 million; services imports were $173 million. The U.S. services trade surplus with Oman was $398 million in 2019.

    According to the Department of Commerce, U.S. exports of goods and services to Oman supported an estimated 14 thousand jobs in 2015 (latest data available) (12 thousand supported by goods exports and 3 thousand supported by services exports).

    Exports

    • Oman was the United States' 62nd largest goods export market in 2019.
       

    • U.S. goods exports to Oman in 2019 were $1.9 billion, down 19.8% ($479 million) from 2018 but up 71.9% from 2009. U.S. exports to Oman are up 40.1% from 2008 (pre-FTA).

    • The top export categories (2-digit HS) in 2019 were: vehicles ($457 million), aircraft ($391 million), machinery ($264 million), mineral fuels ($113 million), and electrical machinery ($107 million).

    • U.S. total exports of agricultural products to Oman totaled $105 million in 2019. Leading domestic export categories include: wheat ($27 million), poultry meat & prods. (ex. eggs) ($11 million), dairy products ($9 million), soybean meal ($8 million), and vegetable oils (ex. soybean) ($7 million).

    • U.S. total exports of agricultural products to Oman totaled $105 million in 2019. Leading domestic export categories include: wheat ($27 million), poultry meat and products (excluding eggs) ($11 million), dairy products ($9 million), soybean meal ($7 million), and vegetable oils (excluding soybean) ($7 million).

    Imports

    • Oman was the United States' 73rd largest supplier of goods imports in 2019.

    • U.S. goods importsfrom Oman totaled $1.2 billion in 2019, down 9.0% ($115 million) from 2018, but up 27.8% from 2009. U.S. imports from Oman are up 36.1% from 2008 (pre-FTA).

    • The top import categories (2-digit HS) in 2019 were: plastics ($325 million), aluminum ($272 million), precious metal and stone (jewelry of gold) ($222 million), iron and steel products ($131 million), and special other (returns) ($75 million).

    • U.S. total imports of agricultural products from Oman totaled $7 million in 2019. Leading categories include: essential oils ($4 million), snack foods ($2 million), other vegetable oils ($100 thousand), spices ($50 thousand), and nursery products ($49 thousand).

    • U.S.imports of services from Oman were an estimated $173 million in 2019, 5.5% ($10 million) less than 2018, but 60.9% less than 2009 levels. Leading services imports from Oman to the U.S. were in the travel, financial services, and technical and other services sectors.

    Trade Balance

    • The U.S. goods trade surplus with Oman was $777 million in 2019, a 31.9% decrease ($363 million) over 2018.

    • The United States has a services trade surplus of an estimated $398 million with Oman in 2019, up 24.4% from 2018.

    Investment

    • U.S. foreign direct investment (FDI) in Oman (stock) was $1.6 billion in 2018 (latest data available). There is no information on the distribution of U.S. FDI in Oman.

    • No data on Oman's FDI in the U.S. are available. There is no information on the distribution of Oman FDI in the U.S.

    • Sales of services in Oman by majority U.S.-owned affiliates were $468 million in 2017 (latest data available). There were no sales of services in the United States by majority Oman owned firms in 2017.