Egypt’s oil and gas exports declined in the first 2 months of 2023, declining 28.1% to hit $1.97 billion, compared to $2.74 billion in January-February 2022, revealed the Central Agency for Public Mobilization and Statistics (CAPMAS).

CAPMAS reported that crude oil exports fell by 58.8% to reach $243 billion, compared to $590 million during the same period in 2022.

Petroleum product exports saw a downtrend of 44.9% to record $291 million, compared to $528 million in January-February 2022.

Natural and liquefied gas exports amounted to $1.33 billion, a decline of 12.2%, compared to $1.52 billion during the first 2 months of last year.

On the other hand, coal exports increased by approximately $2.9 million, reaching $4.2 million during the same period in 2022.

Egypt’s trade balance deficit fell by 48.2% in February 2023, reaching $2.1 billion, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) last week.