Oman's terms of trade adjustment (constant LCU) was -702.51 million in 2024, the latest year in the World Bank's World Development Indicators. That is down 120.64% from 3.4 billion in 2014.
Key figures
| Value | Year | |
|---|---|---|
| Latest | -702.51 million | 2024 |
| Five years earlier | -570.51 million | 2019 |
| Ten years earlier | 3.4 billion | 2014 |
| Highest | 5 billion | 2012 |
| Lowest | -7.74 billion | 1998 |
| Average since 2015 | -1.5 billion | 2015–2024 |
| First recorded | -7.74 billion |
What the numbers say
In 2024, Oman's terms of trade adjustment (constant LCU) fell 222.85 million on 2023 (from -479.66 million to -702.51 million).
Across the 25 yearly changes before that (1999 to 2023), the average change was +290.45 million and a typical year strayed about 2.31 billion from that (the standard deviation). This year's change was 0.2 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 3.22 billion in 2011 and the biggest yearly fall was 6.12 billion in 2015. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 the straight-line trend is upward, about 369.67 million a year. A straight line explains 38% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2024, Oman had the 21st highest value of the 29 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
Closest to Oman in the 2024 ranking
- Tonga — 17th of 29: -19.57 million
- Bahamas, The — 18th of 29: -297.96 million
- New Zealand — 19th of 29: -628.28 million
- Eswatini — 21st of 29: -2.62 billion
- Cuba — 22nd of 29: -3.15 billion
- Tajikistan — 23rd of 29: -4.45 billion
What this measures
The terms of trade adjustment is equal to the capacity to import (current price value of exports of goods and services deflated by the import price index) less exports of goods and services in constant prices. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment varies by country. This series is expressed in local currency units.
All 27 values
| Year | Terms of trade adjustment (constant LCU) |
|---|---|
| 2024 | -702,509,469 |
| 2023 | -479,663,276 |
| 2022 | 1,382,592,523 |
| 2021 | -1,660,588,526 |
| 2020 | -2,933,766,351 |
| 2019 | -570,506,149 |
| 2018 | 923,814 |
| 2017 | -2,284,080,821 |
| 2016 | -5,032,500,525 |
| 2015 | -2,718,066,028 |
Terms of trade adjustment (constant LCU) in nearby economies
- Algeria — 668.42 billion (2025)
- Bahrain — 538.68 million (2024)
- Djibouti — 60.9 billion (2025)
- Egypt, Arab Rep. — -242.03 billion (2025)
- Iran, Islamic Rep. — -9,327.9 trillion (2025)
- Iraq — -25.43 trillion (2024)
- Israel — 6.56 billion (2025)
- Kuwait — -4.52 billion (2024)
- Lebanon — -703.04 billion (2024)
- Libya — -30.15 billion (2025)
More economic policy & debt data for Oman
- GDP (current US$) — US$109.61 billion (2025)
- GDP (current LCU) — 42.14 billion (2025)
- GDP (constant 2015 US$) — US$93.82 billion (2025)
- GDP (constant LCU) — 39.3 billion (2025)
- GDP per capita (current US$) — US$19,947 (2025)
- GDP per capita (current LCU) — 7,670 (2025)
- GDP per capita (constant 2015 US$) — US$17,074 (2025)
- GDP per capita (constant LCU) — 7,151 (2025)
- Agriculture, forestry, and fishing, value added (current US$) — US$3.08 billion (2025)
- Agriculture, forestry, and fishing, value added (current LCU) — 1.18 billion (2025)
- Agriculture, forestry, and fishing, value added (% of GDP)
Reading data like this
Questions people ask
- What is Oman's terms of trade adjustment (constant LCU)?
- -702.51 million in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1998?
- It is up 90.92% from -7.74 billion in 1998. The highest value was 5 billion in 2012 and the lowest -7.74 billion in 1998.
- How does Oman rank?
- 21st highest of 29 economies with data for 2024.
- Is the latest change in terms of trade adjustment (constant LCU) unusual for Oman?
- In 2024, Oman's terms of trade adjustment (constant LCU) fell 222.85 million on 2023 (from -479.66 million to -702.51 million). Across the 25 yearly changes before that (1999 to 2023), the average change was +290.45 million and a typical year strayed about 2.31 billion from that (the standard deviation). This year's change was 0.2 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator NY.TTF.GNFS.KN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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