Bangladesh sets export target at $44 billion for FY19

[Homo Sapiens]

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Bangladesh sets export target at $44 billion for FY19
Ibrahim Hossain Ovi
https://www.dhakatribune.com/busine...esh-sets-export-target-at-44-billion-for-fy19

• Published at 12:13 am August 9th, 2018

The government expects the majority of the export target to be met by the RMG sector Mehedi Hasan/Dhaka Tribune


Of the total, $39 billion is expected to come from the export of goods, and $5 billion from services

The Bangladesh government has set the export target at $44 billion for FY19, amounting to a 6.47% growth target in export earnings for the current fiscal year.

Of the total, $39 billion is expected to come from the export of goods, and $5 billion from services.

In FY18, the export target was set at $41 billion.

Commerce Minister Tofail Ahmed announced the export target at a press conference in Dhaka on Wednesday. Commerce Secretary Shubhashish Bose was also present at the briefing.

“In the last fiscal year, exports earnings performed well and met the target. All sectors, except leather and leather goods, have shown positive growth,” the commerce minister said.

“This year we have given importance to product and market diversification,” he added.

For the Readymade Garment (RMG) sector, the government has set a target of $32.69 billion, amounting to 6.78% growth. Of the total, $16.15 billion is expected from Knitwear and $16.53 billion from woven products.

Bangladesh’s export earnings from the RMG sector stood at $30.61billion in FY18, posting 8.76% growth.

In FY19, the government has set the export target at $1.12 billion for leather and leather goods, $940 million for home textiles, $1.08 million for Jute and Jute goods, and $505 million for frozen and live fish.

At the briefing, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President, Md Siddiqur Rahman, said the target is achievable if the issue of logistical support at Chittagong port is resolved.

“Currently, there is a scarcity of logistical support at the port in Chittagong,” he added.

Meanwhile, Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) President, Shafiul Islam Mohiuddin, urged the government to concentrate on product diversification, as the country’s export earnings are highly dependent on the apparel sector.

“We have to look beyond traditional markets. There are also opportunities in Russia, Africa, and the Middle East which need to be explored,” he said.

In reply to a question, the FBCCI president said the upcoming general election would not pose a challenge to achieving the target, as the election will be held as usual and all political parties will participate.

 

[Homo Sapiens]

This year our total trade volume is expected to cross $100 billion.

 

[Nilgiri]

@Mage @bluesky @Tanveer666 @Major Sam @Michael Corleone .... excellent fast growth rate!

Love how those export growth rates on the right make no sense too (CAGR averages around 5% for the total period), the much famed BBS maths at work:

 

[bluesky]

Love how those export growth rates on the right make no sense too (CAGR averages around 5% for the total period), the much famed BBS maths at work:

The BBS guys are probably from the Awami FF quota who did not study even the simple mathematics. The faulty data shows only in their ineptitude. What a callous country BD has become because of political bickering and employment through FF channel!!

@UKBengali

 

[Homo Sapiens]

The BBS guys are probably from the Awami FF quota who did not study even the simple mathematics. The faulty data shows only in their ineptitude. What a callous country BD has become because of political bickering and employment through FF channel!!

@UKBengali

No ineptitude or falsification of data here.Target growth calculated from the previous year's actual export, not from previous year's target.This chart reveals that Bangladesh exceeded the target in 2016-2017 year and in other years failed to achieve the target.Setting up target based on previous unfulfilled target will give a very distorted picture within a few years.Nobody who has a simple intelligence can be that stupid to calculate growth rate in that ways.

 

[bluesky]

No ineptitude or falsification of data here.Target growth calculated from the previous year's actual export, not from previous year's target.This chart reveals that Bangladesh exceeded the target in 2016-2017 year and in other years failed to achieve the target.Setting up target based on previous unfulfilled target will give a very distorted picture within a few years.Nobody who has a simple intelligence can be that stupid to calculate growth rate in that ways.

A figure in the Table should self-exemplify itself without an outside explanation that you have given. Another person will again give another explanation. It seems to be like a religion where many men explain a single Arabic word in many different ways.

Should mathematics also be like that? One figure should give only one single meaning. But, the table does not show this in the Growth figure. There is no relation between the growth and export target volume. Why do you think the expressions do not show the ineptitude of the FF persons who prepared it?

The Table should have another column showing the Actual Volume in US$, and the Growth should have been calculated from this column. The table prepared by the BBS is a kind of fuzzy thing that is not understood by the person who reads it. Very unclear and not very objective.

@Nilgiri

 

[bluesky]

Whatever may be my personal opinion about the compilation method of data by the BBS, I am totally optimistic about BD export to reach $44 billion. BD gets about $13 billion from its expatriate workers in different countries. So, the total foreign exchange earning will stand at about $57 billion.

As a result of this, the total foreign trade itself will stand between $100 - $105 billion without a doubt which is a very big volume by any standard. Above $100 billion trade will be a big morale booster of the populace. I think it will be a great leap forward.

 

[Homo Sapiens]

Whatever may be my personal opinion about the compilation method of data by the BBS, I am totally optimistic about BD export to reach $44 billion. BD gets about $13 billion from its expatriate workers in different countries. So, the total foreign exchange earning will stand at about $57 billion.

As a result of this, the total foreign trade itself will stand between $100 - $105 billion without a doubt which is a very big volume by any standard. Above $100 billion trade will be a big morale booster of the populace. I think it will be a great leap forward.

Remittance rebounded to 15 billion dollar at the just concluded fiscal year.Real remittance is actually 24-25 billion dollar if we take into account of money sent in informal and illegal channels.
https://bdnews24.com/economy/2018/07/03/bangladeshs-remittance-inflow-rises-17-percent-in-fy-2017-18
Targeted export+remittance allow us to import 60 billion dollar worth of goods and service in this current fiscal year without straining the reserve.I think import will remain within this limit.

 

[UKBengali]

Butt-hurt Tamil has been banned yet again.

Such a waste of a life that he spends most of it on the BD forum making silly posts like on this thread

On-topic - Good that BD total trade volume has finally surpassed 100 billion US dollars a year.

 

[bluesky]

Remittance rebounded to 15 billion dollar at the just concluded fiscal year.Real remittance is actually 24-25 billion dollar if we take into account of money sent in informal and illegal channels.

Yes, the real remittances are higher. The economy remains more active because of this Hundi remittance. We criticize this Hundi system. But, this dollar also plays a role in import trade.

The difference between the actual import value and the under-invoice value is covered by the importers by sending money via Hundi. The govt. however, loses a part of its import duty money in this way.

On-topic - Good that BD total trade volume has finally surpassed 100 billion US dollars a year.

Where did you find this "has surpassed"? It is expected to surpass this fiscal year. You have a comprehensive problem in English. Learn to understand the meaning in its proper context.

 

[Bilal9]

This year our total trade volume is expected to cross $100 billion.

This calls for some celebration!

However it is my belief that total trade volume to/from Bangladesh will cross $200 Billion within another five years the way things are going....

 

[Destranator]

However it is my belief that total trade volume to/from Bangladesh will cross $200 Billion within another five years the way things are going....

Bhai eshob bolen na. Manush hashbe. Eta orjon kora shombhob na.
Amader ato dokkho shromik nai.

 

[A.A. Khan]

Hehehhe
I always used to see there is no news but good economic news in Bangladeshi newspaper.
A Pakistani or an indian journo would never post figures of exports and imports without addressing the trade deficit
Even the media there is not credible from this one party police state

 

[Bilal9]

Bhai eshob bolen na. Manush hashbe. Eta orjon kora shombhob na.
Amader ato dokkho shromik nai.

Dokkho sromik locally nai but Europe and Middle East e onek Bangladeshi kaj kortesey. Plenty of welders (shipbuilding) and fitters (electrical goods manufacture like small appliances) available and beshi poisha diley deshey choley ashbey to tutor local workers. You'll be amazed how quickly this can happen.

These jobs will be created locally in the SEZ's using labor intensive FDI and most of these are well under way. Bhat chhorailley kaker obhab hobena (I say this in a positive sense). The SEZ production optimization has not even started in earnest and improved infra has not even started posting dividends. Things are in place for massive boom and I am not exaggerating.

We will get expat workers even from neighboring countries. Go talk to BEZA folks sometime (I do on a regular basis). You will get a better idea.

Butt-hurt Tamil has been banned yet again.

Ei niya koibar hoilo? Lost count....

Kuttar lej shoja korar cheshta korleo konodin shoja hobeyna...

 

[bluesky]

A Pakistani or an indian journo would never post figures of exports and imports without addressing the trade deficit

Our trade deficit is not high and it is more than covered up with the remittance we receive from our expatriate hard working people in different countries.