The recent oil slump has narrowed the petroleum trade deficit in Q1 2020 by $405.1 million, amounting to $40 million against $445.1 million in Q1 2019, a 91% year-on-year (YoY) decrease, according to the Central Bank of Egypt (CBE).

The decline was attributed to a decrease in petroleum exports by 8.9% to $2.3 billion against $2.5 billion as global petroleum prices decreased by 18.8% recording $49.1 per barrel (bbl) compared to a previous $60.5/bbl. Meanwhile, the decline in petroleum imports dropped by 21.3% amounting to $2.3 billion from $2.9 billion in Q1 2019, which was triggered by the decline in world oil prices.

Additionally, the petroleum trade deficit recorded $773.3 million from July to March of the fiscal year (FY) 2019/2020 against $294.3 million in the same period of FY 2018/19. The statement indicated a decline of $1.2 billion in petroleum exports recording $7.3 billion against $8.5 billion in the previous period. Petroleum imports also shrunk by $707.2 million recording $8.1 billion compared to $8.8 billion in the same period in FY 2018/19.