Iran-Oman trade, economic ties experience upswing

Trade and economic ties between Oman and Iran have experienced an upswing in recent years, as both countries leverage their geographical proximity, historical ties and strong neighborly relations to boost commerce and support the diversification of their economies. 

Of late, these ties have expanded in scope to include shipping and logistics, multimodal transportation, energy cooperation and tourism as well, Oman Observer wrote.

Data shared recently by the National Centre for Statistics and Information (NCSI) indicates that Omani exports to Iran have been expanding by leaps and bounds, although Oman-origin merchandise remains minuscule. It amounted to 207.4 million Omani rials ($538 million) in 2022, which included a barely discernible OMR4.2 million ($10.9 million) in Oman-origin goods. Nevertheless, the figures were a testament to a progressive uptick in trade between the two countries.

Reexports into Iran from Oman included machinery, devices and equipment for heat treatment, plates, sheets, tapes, diesel engine lubricants, optical tools, equipment for medical examination and electrical equipment, Financial Tribune reported.