Economy, Foreign Trade

In 2000 Omani exports totaled $10.5 billion while imports amounted to $5 billion. Although other exports are being promoted, including clothing and food products, petroleum dominates Oman’s export sector. The main imports are machinery, transportation equipment, basic manufactures, and food products. The major destinations of Oman’s exports are Japan, South Korea, China, Thailand, and the United States; the leading sources of imports are the UAE, Japan, the United Kingdom, France, and the United States. Oman is a member of the International Bank for Reconstruction and Development (World Bank) and the International Monetary Fund (IMF). It does not belong to the Organization of Petroleum Exporting Countries (OPEC) but generally observes oil prices and production levels set by that organization. Membership in the Gulf Cooperation Council (GCC) facilitates trade and investment with Saudi Arabia, Kuwait, Bahrain, Qatar, and the UAE.