Egypt’s non-oil trade deficit records $36B in 2019/20

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Tue, 01 Dec 2020 - 11:42 GMT

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Tue, 01 Dec 2020 - 11:42 GMT

FILE - CBE

FILE - CBE

CAIRO – 1 December 2020: Egypt’s non-oil trade deficit dipped by $ 2 billion to record $36 billion during the fiscal year of 2019/2020, compared to to $38.03 billion in the fiscal year of 2018/2019, according to the Central Bank of Egypt (CBE).

 

CBE attributed this to the hike in non-oil merchandise exports by $ 1 billion to $ 17.9 billion, up from $ 16.9 billion, spurred largely by the rise in gold exports; and the retreat in non-oil merchandise imports by $ 1 billion to $ 53.9 billion, from $ 55.0 billion.

 

Meanwhile, the oil trade balance recorded a deficit of $ 421.0 million in FY2019/20, compared with a surplus of $ 8.1 million in the prior year.

 

According to the report, the decline was triggered by the dip in oil exports by $ 3.1 billion to $ 8.5 billion, from $ 11.6 billion, brought about by the decrease in exports of crude oil & oil products, and natural gas.

 

It added that oil imports decreased by $ 2.6 billion to US$ 8.9 billion, from $ 11.5 billion, on account of the contraction in the imports of oil products impacted by the decrease in imported quantities by 38 percent and the fall in world oil prices, in addition to the cessation of natural gas imports (as of 2018/2019 Q2). In contrast, crude oil imports increased.

 

 

  

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