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

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

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