Egypt’s petroleum trade deficit dropped by 29% year-on-year (YOY) in the Q1 of fiscal year (FY) 2018/19, recording -$688.1 million, compared to -$970.4 million in the same period of FY 2017/18, Egypt Oil & Gas reports.

The Central Bank of Egypt (CBE) announced that Egypt bought petroleum worth $3.4981 billion in the period from July to September in FY 2018/19, and exported petroleum for $2.81 billion in the same period.

Meanwhile, the North African country spent $2.7529 billion in the period from July to September in FY 2017/18 and exported petroleum worth $1.7825 billion in the same months of FY 2017/18.