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

Egypt's non-oil exports rose 20 percent to 29 billion Egyptian pounds in the second quarter of 2010 compared to a year earlier, the trade ministry said on Thursday.

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 2.7 billion pounds worth of imports, followed by the United States, whose non-oil imports were valued at 2.3 billion pounds, the ministry said in a statement.

"The ministry is implementing a full-scale strategy to boost exports, including … intensifying local production and other programmers to reduce transport costs of Egyptian goods to outside markets," said Trade Minister Rachid Mohamed Rachid.

Egypt aims to double non-oil and gas exports to 200 billion pounds from 95 billion pounds by 2013 in a bid to create more jobs, Rachid said last September.

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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