Oman says US tariffs will have limited effect on trade

New import tariffs imposed by President Donald Trump’s administration will have a minimum effect on Oman’s economy, a senior official said. 

“The US tariffs apply only for our non-energy products and not to our crude oil, gas and refined oil, so there will be limited impact on our finances,” Dr Nasser Al Maawali, the Undersecretary at the Ministry of Economy, said in an interview with Oman Television.

Last year, Oman’s total exports to the US reached $1.2 billion, 11 percent lower than in 2023, according to figures by the National Center for Statistical Information (NCSI). 

As with many other countries, President Trump imposed a minimum 10 percent tariff on most countries and on most imports, except energy and pharmaceuticals.

“I don’t expect Oman’s exports to the United States in 2025 to cross the $1.5 billion mark,” Dr Venkat Thumiki, Assistant Professor of Economy at Modern College of Business and Science, based in Muscat, told AGBI. 

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“That will mean, to the extreme, the 10 percent tariff will cost Oman not more than $150 million at the maximum.” 

Oman imported nearly $2 billion of goods from the US last year.

Notwithstanding its deficit with the US, Oman’s trade surplus widened to $63 billion in 2024, a rise of 7 percent compared with the year before, buoyed by a jump in oil and gas exports to $42 billion from $35.6 billion in 2023.