The Bangladesh government has set an export target of $44 billion from goods and services with a year-on-year growth of 6.47 per cent for the current financial year 2018-2019.
Of the target amount, $39 billion is expected to come from exports of goods and $5 billion from services, announced commerce minister Tofail Ahmed at a press conference in Bangladesh Secretariat in Dhaka on Wednesday.
‘The target is achievable,’ he said adding that it was set on the performance of export earnings in the last financial year 2017-2018 when the country achieved the goal.
Export earnings from goods and services in last year stood at $40.95 billion against the target of $41 billion and all sectors except for leather and leather goods achieved positive growth, he said.
Both product and market diversification will be prioritised in the current fiscal to achieve the target, he added.
In FY18, export earnings from goods rose by 5.8 per cent to $36.66 billion from previous fiscal’s $34.65 billion.
For the current fiscal, the government has set an export target of $32.69 billion with 6.79 per cent growth for the readymade garment sector, the largest export earning source of the country.
Of the amount, $16.15 billion is expected to come from knitwear exports and $16.53 billion from woven garment exports.
Last year, RMG product exports registered 8.76 per cent growth and earned $30.61 billion.
The export target for leather and leather goods has been set at $1.12 billion while $940 million for home textile export.
The export target for frozen and live fish sector has been set at $505 million.
At the briefing, Bangladesh Garment Manufacturers and Exporters Association president Md Siddiqur Rahman said that the target would be achieved if the government addressed some issues, including the scarcity of logistic support at Chittagong port.
The Federation of Bangladesh Chambers of Commerce and Industry president Shafiul Islam Mohiuddin urged the government to emphasise on product and market diversification as the country’s export earnings were now heavily concentrated on apparel sector and in few markets.
He also urged the government to utilise country’s commercial wings in foreign missions to expand the export market and explore new opportunities.
Commerce secretary Shubhashis Bose was also present at the briefing.