Cairo – Mubasher: The Egyptian oil trade balance registered a surplus for the first time since fiscal year 2012/2013.
The North African nation’s oil trade balance posted a surplus of $8.1 million in FY18/19, compared to a deficit of $3.7 billion in the previous fiscal year, according to data released by the Central Bank of Egypt (CBE).
Such surplus was attributed to the hike in investments in the oil and gas sector, the CBE noted.
From July 2018 to last June, Egypt’s oil exports surged by 31.7% year-on-year to $11.6 billion from $8.8 billion, thanks to an increase in exported quantities and higher global oil prices.
On the other hand, the most populous Arab nation’s oil imports fell by 7.5% to $11.5 billion in FY18/19, compared to $12.5 billion, as the country stopped importing natural gas starting from the second quarter of FY18/19.
