Egypt’s trade balance deficit fell by 28.7 percent in July year-on-year, recording $2.7 billion compared to $3.8 billion in the same month of 2021, according to an official Tuesday report.
Madbouli made the remarks during a meeting with Minister of Petroleum and Mineral Resources Tarek el Molla to follow up the latest global market developments and price fluctuations on the back of the Russian-Ukrainian crisis.
Government data showed that Egyptian exports of petroleum products rose to more than half a billion dollars in just one month.
Molla was speaking on Tuesday during his inspection tour at a number of new petroleum projects in Ain Al Sokhna.
The center stated that the report contained the most important indicators that confirm Egypt's trend towards achieving self-sufficiency in petroleum products.
This came at a meeting with Petroleum and Mineral Resources Minister Tarek el Molla to follow up a number of files and make sure that the strategic stocks of petroleum products are within safe levels.
In 2019/2020 budget, the estimations of petroleum subsidies were around LE 52.9 billion, compared to LE 89 billion in the prior year.
Economic reform steps taken to decrease subsidies and spending are set to put Egypt on a brighter economic path.
Industrial production in the quarter, excluding crude and refined petroleum, recorded LE 127.7 billion.
The company refined 4.5 million tons of high-quality petroleum products to meet domestic needs.
The petroleum products included crude oil, gasoline, diesel, fuel oil and petroleum gases.
Egypt’s exports of crude oil and petroleum products declined month-on-month to $ 203 million in April after registering $ 226 million.
The industrial sector’s production value rose 11.3 percent in the third quarter of 2017, up from LE 84.8 billion ($4.6 billion) in Q3 2015.