As a result of the declining oil prices that are witnessed on a global scope, Egypt’s export proceeds have decreased by $3.7b during the first nine months of fiscal year (FY) 2015/2016, reported Daily News Egypt according to the Central Bank of Egypt (CBE).

In its balance of payments (BOP) report, the CBE revealed that commodity exports have dropped to $13.4b from July 2015 to March 2016, compared to $17.1b from July 2014 to March 2015.

The source added that in the first, second, and third quarters of FY 2015/2016, global oil prices have decreased by 51.4%, 43.4%, and 36.7%, respectively, compared to the same periods in the previous FY. This resulted in a decline in oil export proceeds, both crude oil and products, by almost $2.7b, thus lead to the decline in the proceeds of commodity exports in Egypt.

Crude oil exports, which are considered Egypt’s major exports, accounting for 32% of the nation’s total exports along with other mineral products, according to Trading Economics, represented about 62.4% of the total oil proceeds, and 19.6% of the total commodity exports during the first nine months of FY 2015/2016 . The decline in Egypt’s exports proceeds has occurred despite the increase in the amount of exported crude oil in that period.