Cairo – Mubasher: Egypt’s oil trade deficit remained unchanged at $606.2 million during the first quarter of fiscal year 2019/2020.
The North African nation’s oil imports shrank by $371.1 million, or 10.9%, year-on-year to $3 billion in the July-September period, compared to $3.4 billion, according to a report issued by the Central Bank of Egypt (CBE).
The drop in oil imports was attributed to a decrease in the volume of imported oil products as natural gas imports stopped from Q2 of FY 18/19, despite a growth in crude oil imports.
On the other hand, the country’s oil exports went down by $371.7 million to $2.4 billion in the three-month period ended 30 September, compared to $2.8 billion in the same period a year earlier.
The decrease in oil exports was ascribed to a fall in exported crude oil and oil products, despite a rise in exports of natural gas.
Egypt’s balance of payments (BoP) posted an overall surplus of $227.3 million in Q1 of FY19/20, falling by 19.9% year-on-year from $284.1 million.
