Egypt: Oil Trade Balance Records Surplus

The hydrocarbons trade balance recorded a surplus for the first time since Fiscal Year (FY) 2012/13, registering $8.1 million as a result of the leap in investments in the oil and gas sector, a press release by the Central Bank of Egypt (CBE) indicated.

The CBE report about the balance of payments performance in FY 2018/19 attributed the surplus to a number of factors ranging from the increase in oil exports to $11.6 billion due to higher exports of natural gas to the decline in oil imports payments by 7.5%, which amounts to $11.5 billion.

Reflecting on the achievements in the petroleum sector, the CBE said the government stopped importing natural gas in Q2 of FY 2018/19, causing a decline in imported quantities of oil products and crude oil.