Bangladesh sets $67 billion export target for current fiscal year
20 July, 2022, 11:35 am
Last modified: 20 July, 2022, 12:18 pm
Fifty-eight billion dollar is expected to be earned from the goods exports and rest from service sector.
File photo. Picture: Mohammad Minhaj Uddin
The Bangladesh government has set a $67 billion export target for the current fiscal year.
"Export target for current fiscal has been set as $67 billion. Of these, $58 billion will come from goods exporting and $9 billion from the service sector," Commerce Minister Tipu Munshi MP said during a press briefing at the secretariat on Wednesday (20 July).
"The backbone of any country's economic development is finding suitable policies and implementing them timely. Also, the government's assistance in helping the private sector's growth is important," the commerce minister added.
According to the recently passed FY22-23 budget, Bangladesh's GDP growth rate is 7.25%. The current fiscal year's export target is 11% higher than the last fiscal.
During the press briefing, the minister further said: "The Russia-Ukraine war has been affecting supply chains and raising prices of many necessary commodities. Especially food items."
"Inflation and joblessness is creasing in America and Europe. According to the IMF, the global growth rate would be 4.4%, and in the year next year it might be even lower," he added.
Actual goods export was $52 billion during the last fiscal and the service sector's actual earnings was $8 billion.
Meanwhile, the actual export of the ready-made garment sector during the last fiscal was $42.2 billion. The target has been set at $46 billion in the current fiscal for this sector.
Commerce Minister Tipu Munshi said that the government will offer policy support to ensure the export target is met.
"A combined effort by the government and private sector will help us achieve the export target," the minister said.