Egypt’s oil exports fall 5.5% in seven months

Egypt’s oil exports dipped 5.5 percent during the first seven months of 2018, recording $1.35 billion, compared to $1.39 billion in the same period of 2017, losing about $40 million.

According to a recent bulletin published by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s crude oil exports reached $1.151 billion, while exports of the remaining petroleum products reached $203 million during January to July 2018.

In the first seven months of 2017, crude oil hit $1.208 billion, and the exports of petroleum products recorded $186 million.

On the other hand, Egypt’s oil imports increased during the period from January to July 2018 to $3.827 billion, $2.157 billion of which were crude oil and $1.671 billion went for other petroleum products, compared to $3.054 billion in the same period of 2017.

The General Organisation for Export and Import Control (GOEIC) announced in September that the trade exchange of non-petroleum products hit $59.68 billion in the first eight months of 2018, compared to $53.35 billion during the same period of 2017, with an increase of 11.8 percent.

GOEIC added that Egypt’s exports hiked 10 percent, recording $16.54 billion, compared to $14.99 billion during the first eight months of 2017.

Egypt’s imports also increased 12 percent to $43.14 million, compared to $38.35 million in January-to-August 2017, gaining $4.78 billion.

Source: Egypt Today