Govt to set $39b goods export target for FY19

Staff Correspondent | Published at 10:15pm on August 07, 2018

The government is likely to set country’s export earning target from goods at $39 billion for the financial year 2018-19.
According to the commerce ministry officials, commerce minister Tofail Ahmed would finalise the export earning target in a meeting with stakeholders at his ministry today.
Ministry officials said that considering the global economic situation the government was going to set the export earning target from goods at $39 billion, 6.36 per cent higher than the earnings in the previous FY 18 of $36.66 billion.
The government might set total earning target for the FY 19 at 43.6 billion including $4.6 billion from service sector.
Earlier, Export Promotion Bureau has proposed setting the country’s goods and service export target at $44.50 billion for FY 2018-19.
In the proposal, EPB had proposed export target at $40.0 billion from goods while $4.50 billion from service sector.
Letter on, the ministry asked EPB to revise the proposed export earning target based on the export performance of FY 18 as the earnings from goods in the fiscal 2017-18 fell short of its target.
High officials of the commerce ministry said that the commerce ministry was going to set export earning target from readymade garment at $32.69 billion for FY 19 which would be 6.78 per cent higher than the earnings of $30.61 in FY 18.
As per the revised proposal of EPB, export target from knitwear might be set at $16.15 billion while earning from woven garments at $16.54 billion.
‘Export earning target should be more ambitious to achieve the target set by the government for 2021 but the ministry wants to set and achieve the target,’ one of the commerce ministry officials told New Age on Tuesday.
He said that most probably the ministry would set earnings target at $43.6 billion for FY 19 and if the stakeholders proposed for increasing the amount it would not exceed $44 billion.
Considering the present situation of global demands and capacity
of local suppliers, the ministry would set the export target for the current financial year, ministry official said.
According to a release of commerce ministry, following a meeting with stakeholders on export earning target, commerce minister Tofail Ahmed would announce details at press briefing at secretariat in the capital.