The Egyptian oil trade balance achieved surplus estimated at $174.9 million during the first nine months of the fiscal year (FY) 2020/21, compared to a deficit of $773.3 million during the same period of FY 2019/20, a press release issued by the Central Bank of Egypt (CBE) announced.

The statement elaborated that this improvement came from the decline in the oil imports by $2.3 billion to 5.93 billion during the first nine months of the FY 2020/21, in comparison to $7.32 billion during the same period in the FY 2019/20. The oil exports also decreased by $1.4 billion, reaching $5.756 billion during the period from July to March of FY 2020/21 compared to $8.1 billion during the same months in FY 2019/20.

In addition, the investments in the Egyptian oil sector recorded net outflow amounts to $322.5 million during the first nine months of FY 2020/21, compared to a net inflow of $787.6 million.