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Egypt’s non-oil exports rise for first time since beginning of 2015

They registered decline of 28.69 per cent in September 2015 compared with September 2014

Egypt’s non-oil exports rose slightly by 0.5 per cent in October 2015, to reach $1.418 billion, compared with $1.411bn in October 2014, says a senior official on Thursday.

Egypt’s Minister of Trade and Industry, Tareq Qabeel, says: “This increase is the first since the beginning of 2015 and despite being slight, it is considered a sign of the success of our plan and evidence of restoring growth rates.”

The non-oil exports have registered a decline of 28.69 per cent in September 2015, compared with September 2014, reports Egypt-based Shorouk News.

“We dealt with many of the problems that caused this decline, such as providing cash flows, letter of credits necessary for the provision of production requirements to the industrial sector by the central bank, allowing the deposit of cash for the return of export to six Arab countries, and paying late dues of export support programme of various export sectors,” the minister adds.

($1 = AED3.67, at the time of publishing)