The value of Egypt’s oil imports has declined by $891.1 million to reach $2.9 billion, during the first quarter of fiscal year (FY) 2023/24.

This is due to a retreat in imports value of both crude oil by $937.0 million and oil products by $96.1 million, according to the Central Bank of Egypt (CBE)’s Balance of Payments (BOP) Performance.

Meanwhile, natural gas imports grew by $142.0 million, due to the pickup in the imported quantities.

Meanwhile, the exports of crude oil grew by $299.6 million, because of the rise in the exported quantities.