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FINANCIAL NEWS
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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