Credit value for domestic sales, exports at Credit Oman exceeds OMR226mn

Muscat: Statistics released by Credit Oman showed that the total value of approved credit ceilings for domestic sales and exports by the end of the first half of the current year amounted to approximately OMR226.6 million, compared to OMR253.1 million during the same period of the previous year.

In terms of distribution, the value of approved credit ceilings for exports stood at approximately OMR138.5 million, compared to OMR148.7 million in the corresponding period of the previous year, while the value of approved credit ceilings for domestic sales reached approximately OMR88.1 million, compared to OMR104.4 million.

As for the total value of insured sales for exports and domestic transactions, it amounted to approximately OMR191.4 million by the end of the first half of the current year, compared to OMR211.4 million in the same period of the previous year, reflecting a decline of 9 percent.

Insured export sales recorded approximately OMR100.9 million, compared to OMR118.1 million in the same period of the previous year, a decrease of 15 percent. Insured domestic sales amounted to approximately OMR90.5 million, compared to OMR93.3 million, registering a decline of 3 percent.

Regarding the distribution of approved credit ceilings and insured sales by sector, the manufacturing sector led the results during the first half of the current year, with approved credit ceilings amounting to OMR208.3 million, representing 92 percent of total approved credit ceilings, while insured sales reached approximately OMR171.9 million, accounting for 90 percent of total sales.

In second place came the wholesale and retail trade and repair of motor vehicles and motorcycles sector, with approved credit ceilings of OMR13 million, representing 6 percent, and total insured sales of approximately OMR11.3 million, accounting for 6 percent of total sales.

The agriculture, forestry and fishing sector ranked third, with approved credit ceilings of approximately OMR3.1 million, representing one percent, while insured sales amounted to approximately OMR6.2 million, accounting for 3 percent of total insured sales for exports and domestic transactions.

Approved credit ceilings for the mining and quarrying sector reached approximately OMR988,000, while the transportation and storage sector recorded OMR871,500, and the construction sector OMR259,600. Additionally, sectors including administrative and support service activities, financial and insurance activities, and accommodation and food services collectively accounted for shares not exceeding one percent of total approved credit ceilings.

Credit Oman continues to offer its diverse range of services and insurance solutions, aimed at empowering Omani exporters by providing effective protection against non-payment risks associated with financial collections or buyer default, while also supporting business continuity and encouraging exporters and manufacturers to proceed with expansion. The availability of appropriate insurance coverage affords companies greater scope for making well-considered commercial decisions, whether in entering new markets or in expanding their existing sales volumes.