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Egypt’s non-oil exports jump 20% in Q2

21 Aug 2010

(MENAFN) Egypt’s Trade Ministry said in a statement that the country’s non-oil exports rose 20 percent to $5.1 billion in the second quarter of 2010 compared to a year earlier, Reuters reported.

Egypt’s exports have been growing as the global economy recovers and the government says economic growth is likely to accelerate to 6.5 percent in the 2010-2011 fiscal year.

Saudi Arabia was the main recipient of non-oil goods from Egypt in the quarter with $474 million worth of imports, followed by the United States, whose non-oil imports were valued at $404 million, the ministry said in the statement.

The country, a modest oil and gas producer, also relies heavily on tourism, Suez Canal receipts and remittances from its workers abroad for foreign currency income.

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