Oil Trade Balance Achieves Surplus of $4.4B in FY 2021/22

Oil Trade Balance Achieves Surplus of $4.4B in FY 2021/22

The Central Bank of Egypt (CBE) announced that the oil trade balance achieved a surplus of $4.4 billion during fiscal year (FY) 2021/22, compared to a deficit of $6.7 million during FY 2020/21.

According to the balance of payment performance statement, this result came due to a surge of oil exports by $9.4 billion considering the increase of natural gas exports’ value in parallel with the opening of new markets in Europe, especially in Turkey, Italy, France, Spain, Croatia, and Greece.

Additionally, the foreign direct investment (FDI) in the oil sector recorded a net outflow of $2.6 billion during FY 2021/22 compared to $1.2 billion in FY 2020/21. This was due to the rise of outflows to $7.3 billion from $6.3 billion. This is besides the decline in inflows to $4.7 billion from $5.1 billion.



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