Oman's trade and opportunities of integration with the Asian economies |
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| Institution: | 1. Department of Economics, University of Pretoria, South Africa;2. Wits Business School (University of the Witwatersrand) and VU University, Amsterdam, The Netherlands;3. Kiel Institute for the World Economy, Kiellinie 66, 24105 Kiel, Germany;1. Department of Infectious, Parasitic and Immune-mediated Diseases, Istituto Superiore di Sanità, Rome, Italy;2. Emergency Department, Intensive Care Unit, Hospital of Locri, Reggio Calabria, Italy;1. School of Semiconductor and Chemical Engineering, Chonbuk National University, Jeonju 561-756, Republic of Korea;2. Department of Nanotechnology and Material Science, ITMO University, Saint Petersburg 192000, Russian Federation;1. School of Psychology, University of New South Wales, Australia;2. Cognitive Science Center Amsterdam and Department of Psychology, University of Amsterdam, The Netherlands;2. Department of Surgery, University of Texas Health Sciences Center San Antonio, San Antonio, Texas;3. Department of Surgery, Houston Methodist Hospital, Houston, Texas;1. Mechanical Engineering Department, Al Imam Mohammad Ibn Saud Islamic University, Riyadh 11432, Saudi Arabia;2. Mechanical & Industrial Engineering Department, Sultan Qaboos University, Al-Khoud 123, Muscat, Oman;3. Geophysics Department, Faculty of NCMPR, Bahria University, Karachi, Pakistan |
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| Abstract: | This paper investigates the determinants of trade between Oman and its major Asian trading partners in order to gauge the impact of the process of trade liberalisation. The empirical findings based on the gravity model indicate that Oman's imports from Asia are strongly determined by Asian population, Asian per capita gross domestic product (GDP), real exchange rates, distance and Oman's per capita GDP. The results also provide strong evidence that Oman's oil exports to Asia are strongly and equally determined by Asia's and Oman's population. Our findings reveal that while distance is not a friction to Oman's oil exports, it has a weak regressive effect on non-oil exports. Our results also indicate a negative but statistically insignificant effect of trade liberalisation on non-oil exports. These findings certainly have policy implications in terms of Oman–Asia trade relationship and in particular the need for more policy intervention to liberalise the non-oil exports sector so as to facilitate its wider integration within Asia. |
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