Egypt’s oil trade balance recorded for the first time in four years a surplus of $150.8 during H1 of fiscal year (FY) 2018/19, the Central Bank of Egypt (CBE) announced, according to Al Ahram Newspaper.

Egypt had a $2.2 billion deficit in oil trade balance during the same period of FY 2017/18.

Oil goods exports grew by 18.4%, recording $14.3 billion in H1 FY 2018/19 compared to $12.1 billion in H1 FY 2017/18, which contributed to decreasing the deficit in the balance of trade.

Moreover, imported oil expenditures decreased by 2.1%, reaching $5.8 billion as Egypt reduced its oil imports.

Egypt’s balance of services increased by 36.67%, registering $5.8 billion in H1 FY 2018/19 against $5.3 billion in the same period of the previous FY.