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Oman has a relatively diversified economy, which is dependent on oil exports. Tourism is the fastest-growing industry in Oman. Other sources of income, agriculture and industry, are small in comparison and account for less than 1% of the country's exports, but diversification is seen as a priority by the government.
Oman's proved reserves of petroleum total about 5.5 billion barrels, 25th largest in the world. Oil is extracted and processed by Petroleum Development Oman (PDO), with proven oil reserves holding approximately steady, although oil production has been declining. The Ministry of Oil and Gas is responsible for all oil and gas infrastructure and projects in Oman.
Agriculture and fishing are the traditional way of life in the country. Dates and limes, grown extensively in the Batinah coastal plain and the highlands, make up most of the Oman's agricultural exports. Coconut palms, wheat, and bananas also are grown, and cattle are raised in Dhofar. Other areas grow cereals and forage crops. Poultry production is steadily rising. Fish and shellfish exports totaled $34 million in 2000.
Oman´s economy is highly dependent on exports of oil and liquefied natural gas. Other exports include chemicals, plastics and rubber products. Oman's major export partners are China, South Korea, United Arab Emirates and Japan.
Oman's main exports are:
- Crude Petroleum
- Petroleum Gas
- Refined Petroleum
- Cyclic Hydrocarbons
- Nitrogenous Fertilizers
- Raw Aluminium
- Acyclic Alcohols
- Iron Ore
- Iron Reductions
- Raw Plastic Sheeting
In recent decades the Oman's economy turned almost exclusively to agriculture, camel and goat herding, fishing, and traditional handicrafts. Today, oil fuels the economy and revenues from petroleum products have enabled Oman's development over the past years.
The government of Oman is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman liberalized its markets in an effort to accede to the World Trade Organization (WTO) and gained membership in 2000.
A free-trade agreement with the United States took effect in 2009, eliminating tariff barriers on all consumer and industrial products, and also providing strong protections for foreign businesses investing in Oman. Tourism, another source of Oman's revenue, is on the rise.
Agriculture, often subsistence in its character, produces dates, limes, grains, and vegetables, but with less than 1% of the country under cultivation, Oman is likely to remain a net importer of food.
Oman's import commodities include transport equipment, electrical machinery and mechanical appliances, mineral products and base metals and articles thereof. Major import partners of Oman are United Arab Emirates, Japan and United States.
Oman's main imports are:
- Refined Petroleum
- Iron Ore
- Iron Pipes
- Delivery Trucks
- Excavation Machinery
- Polycarboxylic Acids
- Gas Turbines
- Concentrated Milk