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Bilateral trade and economic relations
03 August 2022 10:00

Trade and economic cooperation between Ukraine and the Sultanate is marked by a very significant potential for trade and positive dynamics of its development.

According to Ukrainian statistics, in 2021 trade turnover in goods between Ukraine and the Sultanate of Oman amounted to USD 203,4 million. Ukrainian exports totaled USD 187,08 million (+119,28% compared to 2020 volume), Omani imports reached USD 16,31 million (-27,63 %). Trade balance was USD 170,77 million in favour of Ukraine.

Ukrainian exports consisted mainly of cereals (63,5%), finished grain products (16,5%), fats and oils of animal or vegetable origin (9,8%), meat and edible offal (2,7%), ferrous metals (2,3%), various chemical products (0,8%) and others. 

The bulk of Omani imports was formed by plastics & polymeric materials (86,4%), glass and glass products (8,3%) and others.

Trade in services in 2021: Ukrainian exports - USD 0.378 million, imports - USD 0.028 million, positive balance - USD 0,350 million.

The structure of domestic exports needs to be expanded in general due to the nomenclature of goods of Ukrainian origin with high added value. At the same time, the Omani side is interested in importing from our country, in addition to metal products, various metalworking and machine-building equipment, agricultural products, equipment for power plants, new technologies for the use of water resources, special equipment and more.

The participation of Ukrainian companies in the development of Oman's transport infrastructure is promising. This applies, in particular, to the development of the public transport network in the largest cities of the country (Muscat, Salalah), improvement and modernization of port infrastructure.

In December 2018, the first export mission of Ukrainian producers of goods in Oman took place in Muscat, which included 11 domestic companies that presented products of the food industry, veterinary drugs, medical hygiene items and household goods. In addition, in April and October 2019, the Ukrainian Chamber of Commerce and Industry hosted two Ukrainian-Omani business forums with delegations from 42 Omani businessmen, who got acquainted with the possibilities of cooperation in such areas as agriculture and energy, food, construction, tourism business. Separately, representatives of the Sultanate's business circles visited Rivne and Kyiv regions of Ukraine.

In order to intensify trade and economic cooperation, it is important to consolidate the systematic practice of holding joint meetings during international forums and business events in both countries. In particular, in this context, the Deputy Minister of Economic Development and Trade of Ukraine - Trade Representative of Ukraine N. Mykolska held talks with the Vice President of the CCI of the Sultanate of Al-Saleh in the framework of the Seventh Annual Investment Meeting (2017, Dubai), Ambassador Of Ukraine V. Vakhrushev with the management of the CCI of Oman (2017-2020, Muscat), the President of the CCI of Ukraine G. Chizhikov with the Chairman of the Board of the CCI of Oman K. Al-Yousef (2020, Muscat).

Evidence of the interest of Kyiv and Muscat in deepening trade and investment cooperation in the context of annual growth of trade turnover was a detailed discussion of this issue during online talks between Deputy Foreign Ministers of Ukraine D. Senik and Oman H. Al-Harty in November 2020 and during their bilateral negotiations during the working visit of Deputy Foreign Ministers of Ukraine D. Senik to Oman (6-8.12.2021). The Ukrainian side stressed it`s readiness to ensure food security of the Sultanate against the background of breaking the existing supply chains of food and other products in a global pandemic.

In December 2021, the Ukrainian business mission visited Oman. Representatives of the agricultural, light and food industry of Ukraine presented their own products, existing industrial capacities and handed over commercial offers to Omani companies for initiating cooperation.

In the context of expanding the Ukrainian-Omani legal framework for trade and economic issues, the Omani side is working on a draft intergovernmental agreement on avoidance of double taxation on income and capital taxes and prevention of tax evasion and avoidance.

According to data of the State Statistics Service of Ukraine, in January 2022 trade turnover in goods between Ukraine and Oman amounted to USD 5,94 million. Ukrainian exports totaled USD 5,76 million, Omani imports – USD 0,177 million.

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