The global drop in oil prices has led to a decline in Egypt’s export proceeds by $3.7bn during the first nine months of fiscal year (FY) 2015/2016, according to the Central Bank of Egypt (CBE).
In its balance of payments (BOP) report issued on Sunday, the CBE revealed that commodity exports have reached $13.4bn from July 2015 to March 2016, compared to $17.1bn from July 2014 to March 2015.
The decline in the proceeds of commodity exports is the result of the decline in oil export proceeds (crude and products) by nearly $2.7bn, impacted by the decline of global oil prices by 51.4%, 43.4%, and 36.7% during the first, second, and third quarters of FY 2015/2016, compared to the same periods in FY 2014/2015, according to the CBE.
The decline occurred despite the increase in the amount of exported crude oil during that period.
Crude oil exports represent about 62.4% of total oil proceeds, and 19.6% of total commodity exports during the first nine months of FY 2015/2016.
The proceeds of non-petroleum commodity exports also declined by $1bn, reaching nearly $9.2bn during the first nine months of FY 2015/2016.