Bangladesh likely to set merchandise export target at US $ 60 billion for FY ’24

The Bangladesh Government is likely to set the export earnings target from goods at US $ 60 billion for the financial year 2023-24, aiming for a 10 per cent growth, in which apparel shipments are expected to play an important role.

Reports claimed this adding a meeting was held by the Commerce Ministry with stakeholders concerned recently to discuss and propose the target for the upcoming fiscal year.

Considering the ongoing geopolitical and economic challenges, the meeting also proposed setting the export earnings target from the service sector at US $ 10 billion with an 11 per cent growth.

For the current financial year 2022-23, the Government had set a target of US $ 58 billion for export earnings from goods with an 11.36 per cent growth, and US $ 9 billion from the service sector with a 12.5 per cent growth.

However, export earnings from goods in the period of July-May of FY ’23 fell by 3.64 per cent to US $ 50.52 billion, missing the Government’s target.

A Commerce Ministry official meanwhile reportedly stated that the target of US $ 58 billion for export earnings from goods in FY ’23 would not be achievable due to the ongoing Russia-Ukraine war and the resulting impact on the European Union countries and the United States.

Taking into account the current export trend and the global economic challenges, the Export Promotion Bureau (EPB) collaborated with stakeholders to draft an export earnings target for the financial year 2023-24 (FY ’24). The draft target aims to address the existing circumstances and set a feasible goal for export earnings in the upcoming fiscal year.

As per the proposal discussed in the meeting, the export earnings target for the financial year 2023-24 (FY ’24) is set at US $ 60 billion from goods and US $ 10 billion from services. This proposal takes into account the current economic conditions, export trends, and the input provided by stakeholders. However, it’s important to note that this is a proposed target and may be subject to further adjustments or revisions before it is finalized.

The final decision on the target will reportedly come from the Commerce Minister.