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Export target for current fiscal set at $72b

The Ministry of Commerce has set an export target of $72 billion for the current fiscal year (FY24) with a growth of 11.52 percent.

Out of this export target, the target for goods export in the current fiscal year has been set at $62 billion eyeing for an 11.59 percent growth while that of the target for services export at $10 billion with a goal of 11.11 percent growth.

Commerce Minister Tipu Munshi informed this to reporters after holding a meeting on setting the export target for FY24 held at the Commerce Ministry conference room on Wednesday.

Tipu said that out of the overall export target of $67 billion in the last fiscal year (FY23), the export earnings totaled $64.56 billion.

He mentioned that the government has already set an export earnings target of $100 billion by 2030 hoping that the export earnings target in the current fiscal year would be achievable as the country’s business community has expressed their positive note over the target.

The Commerce Minister said that the leaders of different business bodies have raised their demands for ensuring proper facilities like power and energy to attain the export target.

“We’ve given a patient hearing to their demands and assured them of taking necessary steps for fulfilling their demands,” he added.

He said that the target for overall export earnings in the current fiscal year has been set considering the trend of export earnings over the last few years, expansion and diversification of exportable items and markets, financial and non-financial stimulus, recent trend in the global trade, impact of the Russia-Ukraine War in the local and global economy, flourish of potential new products and services.

Answering to a question, Tipu said that the ensuing next general election would be held in due process as per the constitution while nothing would remain stopped or dysfunctional centering the next polls.

He said that despite the election year, the operations at the offices, in banks and insurance institutions, would continue in usual process for which there would be no such impact on the export target.

Referring to the projections of various international agencies that the GDP growth in the South Asia region would witness positive GDP growth at the end of 2023, he said that Bangladesh is likely to attain a growth rate of around 6.8 percent during that time.

Tipu hoped that the global economy is likely to overcome the recession situation at the end of current year while it (global economy) would return to the growth trend in the next fiscal year.

Highlighting the export performances of Bangladesh over the last few years, he said that the export earnings from goods in the last fiscal year (FY23) totaled $55.56 billion against the target of $58 billion. However, considering the export of services, the overall export earnings in the last fiscal year totaled $64.56 billion.

Commerce Ministry Senior Secretary Tapan Kanti Ghosh, leaders of different business bodies, representatives from different agencies and departments and ministry officials were present, among others, on the occasion.