Deficit of $101M in Egypt's petroleum trade balance during 3 months

CAIRO - 3 February 2022: Egypt's oil trade balance turned into a deficit during the first quarter of the current fiscal year 2021/2022, on an annual basis.

A CBE report on the performance of the balance of payments indicated that Egypt's petroleum trade balance turned into a deficit of $101.1 million during the period from July to the end of last September, compared to a surplus of $143.7 million during the same period of the previous fiscal year.

The CBE attributed the deficit in Egypt's oil trade balance to the remarkable rise in international oil prices, in addition to the increase in imported quantities that exceeded the increase in exported quantities.