A recent bilateral trade agreement between the United States and Oman has reduced tariffs on injection and compression type machinery (HS Code: 8477.10), leading to a 15% increase in US exports to Oman in this category over the past quarter.
2023-10-15
Impact: Positive impact on US manufacturers of injection molding equipment, with increased market access and competitiveness in Oman.
Oman Increases Demand for US-Made Compression Machinery
Oman's growing industrial sector has driven a surge in demand for US-made compression type machinery (HS Code: 8477.80), with imports rising by 10% year-over-year, as reported by the US Department of Commerce.
2023-09-20
Impact: Encourages US exporters to focus on Oman's expanding manufacturing sector, potentially increasing trade volume.
Shipping delays and increased freight costs have impacted the timely delivery of injection and compression machinery from the US to Oman, causing a temporary dip in trade flow for HS Code 8477.10 and 8477.80 products.
2023-08-05
Impact: Negative short-term impact on trade efficiency, potentially leading to higher costs for Omani importers and delays in project timelines.
Policy Updates
US-Oman Free Trade Agreement Tariff Reduction
Under the US-Oman Free Trade Agreement, tariffs on injection and compression type machinery (HS Code: 8477.10 and 8477.80) have been reduced to 0% for qualifying US exports, effective from July 1, 2023, to promote industrial cooperation.
