Import Prices Surge 1.3% in Q1 2025: Implications for Business Costs in Oman
MUSCAT: According to the National Centre for Statistics and Information, Oman’s general import price index experienced a 1.3% increase in the first quarter of 2025 compared to the same period in 2024.
The most significant annual increases were noted in oils, fats, and waxes, which rose by 16.8%, followed by food and live animals at 5.6%, and beverages, tobacco, machinery, and transport equipment, each recording a rise of 2.7%.
In contrast, the report highlighted declines in several categories, including mineral fuels and lubricants, which fell by 7.1%, miscellaneous manufactures at 5%, chemicals by 1.2%, and manufactured goods classified by material, which saw a decline of 1.1%. Non-edible raw materials, excluding fuels, also experienced a slight decrease of 0.9%.
When comparing to the fourth quarter of 2024, the overall index rose sharply by 9%. The most notable increase was in machinery and transport equipment, which surged by 30.4%, followed by mineral fuels at 29.1%. However, prices for miscellaneous products decreased by 17.2%, while manufactured goods fell by 3.9%. Oils and fats decreased 3.2%, and food items saw a reduction of 1.1%, with beverages and tobacco experiencing a minor decrease of 0.3%. — ONA
Special Analysis by Omanet | Navigate Oman’s Market
Oman’s rising import price index, particularly for oils and food, highlights a potential opportunity for local producers to expand offerings and address increased demand. However, the sharp declines in certain sectors, such as manufactured goods, signal a potential risk for businesses relying on imports. Smart investors should consider diversifying into local production and exploring cost-effective sourcing strategies to mitigate these fluctuations.
