Egypt's Oil Trade Balance Achieves Surplus of $150.8 Million

Published April 2nd, 2019 - 07:59 GMT
Egypt's oil trade balance achieved for the first time in four years a surplus of $150.8 million. (Shutterstock)
Egypt's oil trade balance achieved for the first time in four years a surplus of $150.8 million. (Shutterstock)

Egypt's oil trade balance achieved for the first time in four years a surplus of $150.8 million during the first half of fiscal year 2018/19, compared to a deficit of $2.2 billion in the same period the previous fiscal year, the Central Bank of Egypt (CBE) announced.

In a report released on Monday, the CBE said the volume of goods exports increased by 18.4 percent to reach $14.3 billion in the first half of FY 2018/19, against $12.1 billion the previous year.

Such an increase in the volume of goods exports contributed to reducing the deficit in the balance of trade, the CBE added. 

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Payments on oil imports were down by 2.1 percent to register $5.8 billion as a result of a decline in the country's imports of petroleum products, the CBE noted.

The balance of services saw a surge by 36.67 percent to record $7.3 billion, against $5.3 billion, the CBE said.

The CBE pointed to an increase in foreign direct investment inflows to Egypt to stand at $6.60 billion in the first half of FY 2018/19, while foreign direct investment (FDI) outflows from Egypt hit $3.8 billion.

The rate of medium and long-term loans and credits went down during the first half of FY 2018/19 to reach $2.2 billion, the CBE added.


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