The value of the e-commerce market in Oman will reach $2.2 billion in 2023

Oman’s e-commerce market value has reached $2.2 billion in 2023, the Ministry of Trade, Industry and Investment Promotion recently revealed at the inaugural Oman E-Commerce Forum.

The e-commerce market in Oman covers five main sectors, including electronics and media with 32.9% market share. This is closely followed by food and personal care products, which account for 25 percent of the market. Fashion accounts for 22.2% and home appliances 13.3%. Finally, games, hobbies and handicrafts account for 6.6 percent of the e-commerce market in Oman.

During his participation in the forum, Dr. Saleh bin Said Masan, Undersecretary for Trade and Industry at the Ministry of Trade, Industry and Investment Promotion, emphasized the importance of the e-commerce sector for the developing economy, stating that it has become an important part of the modern global economy. He further highlighted the role of the sector in contributing to global economic and cultural relations and sustainable development.

Masan also explained how e-commerce accelerates economic growth by expanding access to global markets, increasing cross-border trade and investment, stimulating innovation, and supporting cultural exchanges through the global flow of products, services and ideas.

Read: PureHealth commits $272.2 million to support national ICV program

The ministry also emphasized the growth of the global e-commerce market, which in 2023 amounted to USD 5.8 trillion. Moreover, it emphasized that the World Trade Organization (WTO) expects this market to grow by 39 percent over the next few years. due to the increase in the use of the Internet and smartphones, fintech sites and e-commerce.

In Oman, the WTO expects the compound annual growth rate of e-commerce market revenues to increase by 9.8% over the period 2023-2027. Moreover, it expects the market to grow to $3.327 billion by 2027.

For more economic news, click here.