Egypt’s petroleum exports contributed to the decline in the value of the deficit in the country’s trade balance during the first quarter of 2022 to $7.4 billion, down by 33.7% on an annual basis from $11.16 billion in Q1 2021, according to Al-Sharq‘s calculations.

Egypt’s trade balance deficit decreased 39.7% during the month of March 2022 to $2.26 billion, from $3.74 billion for the same month a year ago, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced.

The Central Bureau of Statistics indicated that Egypt’s exports of petroleum products increased by 128.6% in March, crude oil by 74.1%, and fertilizers by 90.8%.

Moreover, the value of Egypt’s exports of natural gas and liquefied natural gas (LNG) jumped by 98% during the first four months of this year, compared to the same period last year, reaching $3.892 billion.

Europe received 71% of Egyptian LNG exports this year, with Turkey, Spain, and France in the lead importing markets.