This article sets out the trade figures, the main goods traded, investment in both directions, joint ventures and the trade agreements and mechanisms between India and Oman, as recorded in the MEA bilateral brief of July 2026. The figures are those given in the brief and describe the position at the time it was prepared.

Trade figures

According to the MEA brief of July 2026, bilateral trade during FY 2023-2024 reached US$ 8.947 billion, and trade during FY 2024-25 rose to US$ 10.613 billion. As of the brief, bilateral trade during FY 2025-2026 had reached US$ 11.187 billion.

The brief's table gives the following figures, in US$ million:

  • 2021-2022: exports 3,148.33, imports 6,840.65, total trade 9,988.98, trade balance -3,692.32
  • 2022-2023: exports 4,477.25, imports 7,911.18, total trade 12,388.43, trade balance -3,433.93
  • 2023-2024: exports 4,426.47, imports 4,520.84, total trade 8,947.31, trade balance -94.37
  • 2024-2025: exports 4,065.14, imports 6,548.78, total trade 10,613.92, trade balance -2,483.64
  • 2025-2026: exports 4,021.48, imports 7,166.39, total trade 11,187.87, trade balance -3,144.91

The same table gives growth rates for exports and imports. For 2025-2026 it shows export growth of -1.08% and import growth of 9.43%, and for 2024-2025, export growth of -8.16% and import growth of 44.85%.

Oman's place in India's trade

The brief states that Oman ranks as India's 27th largest trading partner in FY 2025-26 and India's 26th largest source of imports in the same period. It records India as the 3rd largest source of Oman's non-oil imports, after UAE and China, and the 3rd largest destination for Omani non-oil exports.

Goods traded

In 2026, according to the brief, India's principal exports to Oman included petroleum products, processed minerals and products of iron and steel. India also exported ships, boats and floating structures, Basmati rice, buffalo meat, chemical and allied products, ceramics and allied products, and motor vehicles.

India's imports from Oman were dominated by energy and industrial inputs. The principal import items were petroleum products and crude petroleum, which together account for a significant portion of the bilateral trade value. Other major imports were fertilizers, dye intermediates, inorganic chemicals, iron and ore, plastic raw materials, bulk minerals and ores, aircraft, spacecraft and parts, and sulphur and unroasted iron pyrite.

Joint ventures and Indian investment

There are over 6,000 India-Oman joint ventures operating in Oman. The brief estimates that they have contributed nearly US$ 7.5 billion to Oman's economy over a long period, through total capital investments that include outward direct investment of approximately US$ 675 million, investments across various sectors, and third-country investments by Indian investors in Oman.

Several Indian firms have set up manufacturing units in Oman, as joint ventures or in Special Economic Zones. The sectors named in the brief are green hydrogen, green ammonia, green steel, construction and engineering, waste management, logistics, manufacturing, finance and capital, software solutions, communications, and oil and gas.

Investment from Oman

The cumulative FDI equity inflow from Oman to India between April 2000 and March 2025 stood at approximately US$ 605.57 million. The brief adds that another official estimate places the figure at US$ 610.08 million.

Oman-India Joint Investment Fund

The Oman-India Joint Investment Fund (OIJIF) is a 50-50 Joint Venture between the State Bank of India and the erstwhile State General Reserve Fund of Oman, which has now become the Oman Investment Authority. It was set up in July 2010 as a special purpose vehicle to invest in India.

OIJIF began operations in 2011 with an initial seed capital of US$ 100 million, which was fully invested across seven Indian companies from diversified sectors. In 2017 it invested a 2nd tranche of US$ 220 million in projects in India. A 3rd tranche worth US$ 300 million was announced during the visit of His Majesty Sultan Haitham Bin Tarik to India in December 2023, and the brief says it is under implementation.

Oman India Fertilizer Company

The Oman India Fertilizer Company (OMIFCO), located at Sur in Oman, is a US$ 969 million joint venture between Oman Oil Company (50% stake) and the Indian companies IFFCO (25% stake) and KRIBHCO (25% stake). It started operations in January 2006.

Trade agreements and mechanisms

The Comprehensive Economic Partnership Agreement (CEPA) between India and Oman was signed during the Prime Minister's visit to Oman in December 2025. The brief also records a visit to India by H.E. Qais bin Mohammed al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion, to prepare for the Free Trade Agreement (FTA) between Oman and India; it does not give the date.

Mr. Al Yousef also visited India in May 2022 to attend the 10th India-Oman Joint Commission Meeting (JCM). Shri Piyush Goyal, Minister of Commerce & Industry, visited Oman on 27-28 January 2025 to co-chair the 11th session of the JCM and to take part in the India-Oman Joint Business Council (JBC) meeting. A Protocol to amend the Double Taxation Avoidance Agreement (DTAA) was signed during that visit. The brief also lists Avoidance of Double Taxation, Standards and Measures, and the Joint Investment Fund among the areas covered by key bilateral agreements.