Egypt’s petroleum exports have gone up by 33.8% in Q1 2021 recording $1.819 billion against $1.359 billion in Q1 2020.
The petroleum trade deficit recorded $421 million by the end of the fiscal year (FY) 2019/20, compared to a surplus of $8.1 million recorded in the previous year.
Misr Petroleum will export a third shipment of high-quality motor and industrial petroleum to Rwanda, stated Hussien Fathy the Chairman of Misr Petroleum.
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.
The Ministry of Petroleum and Mineral Resources plans to boost petroleum exports to $8.5 billion by the end of fiscal year (FY) 2019/20, up from $7.7 billion in the previous FY.
Egypt's petroleum exports increased by around 5% to record $1.848 billion during the first nine months of 2018, compared to $1.761 billion in the same period of 2017.
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