Egypt's Oil Exports up 31.7%

Egypt's balance of payments data showed that the country's oil exports increased by 31.7% during the last fiscal year to reach $ 11.6 billion, compared to $ 8.8 billion in the previous one.

The CBE said that Egypt's petroleum trade balance achieved a surplus for the first time since FY 2012-13, amounting to $ 8.1 million during the last year, compared to a deficit of $ 3.7 billion in the preceding one.

The central bank attributed the achievement of the oil trade balance surplus to the high investment in the gas and oil sectors.

The bank added that payments on petroleum and crude oil imports declined by 7.5% during the last fiscal year to record $ 11.5 billion, compared to $ 12.5 billion a year earlier.

In the meantime, the non-oil trade deficit increased by 13.4% last fiscal year to reach $38 billion compared with $33.6 billion. Non-oil imports increased by 8.6% to reach $ 55 billion compared to $ 50.6 billion, which contributed to the recovery of economic activity, reflected in the high Gross Domestic Product (GDP) growth rate.

According to the CBE, the trade deficit was limited to $ 100 million during the last fiscal year. However, a total surplus of $ 1.7 billion was achieved during the second half of this fiscal year.