Egypt's petroleum imports down 72% in October

Egypt's petroleum imports fell 72.4 percent to $1.12 billion in October 2015 down from $3.663 billion in the same period the previous year, official news agency MENA quoted the official statistics agency CAPMAS report on Thursday.

Exports of petroleum products on the other had declined 29.3 percent to $280.2 million in October 2015, down from $396.3 million in the same month a year prior.

In the first quarter of fiscal year 2015/16 ending 30 September 2015, Egypt's trade deficit was unchanged from the same period of the previous year, standing at $10 billion, due to more than 50 percent drop in oil price globally, which brought down the cost of petroleum imports (crude and products) by $1.2 billion, The Central Bank of Egypt said in December.