Egypt’s trade deficit narrowed by 18% to record $9.1 billion in Q1 of FY2022/2023 (July-September 2022), carried mainly by the oil sector and a 4% drop in imports, according to the latest report by the Central Bank of Egypt (CBE).

Data on the non-oil merchandise trade deficit revealed an uptick of $2 billion to $9 billion during the July-September period, compared to $11 billion recorded in Q1 FY2021/2022.

Exports of non-oil merchandise was up by 5.1% to register $6.3 billion, with the CBE citing increases in exports of phosphate and mineral fertilizers, gold, transmitter and receiver devices of radio and television, and ready-made clothes.

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Non-oil imports fell by 9.9% to record $15.3 billion as imports of passenger vehicles, telephones, pharmaceutical preparations, gauze pads, and vaccines climbed.

The petroleum commodities trade balance deficit close Q1 of FY2022/2023 at $106 million as exports of oil and natural gas pick up.

Oil exports surged by $807.3 million, with natural gas exports up by $1.7 billion.

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The CBE explained that exports of crude oil were up by $449.9 million and oil products by $393.3 million during the 3-month period.

Oil imports climbed by $812.2 million, mainly due to the hike in imports of oil products by $767.7 million.