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Govt mulls setting $41.5b export target for FY2017-18

  • Published at 01:50 am May 29th, 2017
  • Last updated at 02:09 am May 29th, 2017
Govt mulls setting $41.5b export target for FY2017-18
The government plans to set its export target of $41.50 billion with a 7.27% growth, riding on apparel sector for the next Fiscal Year 2017-18. Of the amount, $38 billion is expected to be earned from manufacturing sectors including RMG while $3.50 billion from service sector. Export Promotion Bureau on Wednesday in a meeting with stakeholders discussed the target and sought their recommendations on the issue. “We have set the target primarily at $41.50 billion and it would be sent to the Commerce Ministry within a day or two,” EPB acting Vice-Chairman Avijit Chowdhury told the Dhaka Tribune. For the current fiscal year, the government set the export target of $37 billion, and in the first 10 months it earned $28.72 billion. export The Commerce Ministry will hold inter-ministerial meeting and having discussions with the relative ministry the final target would be set by Commerce Minister Tofail Ahmed, he said. The EPB primary target showed that the government plans to earn $30.56 billion from the apparel industry. In the first 10 months of the current fiscal year, Bangladesh earned $23.13 billion with a 2.21% growth. The government also plans to earn $1.37 billion from the leather sector followed by hometexile $900 million and $1.15 from jute and jute goods. eeeeeeeeeeeeeeeeeeeeee The country will not be able to achieve the export target for the current fiscal year, ABM Marita Azizul Islam, former adviser to caretaker government, told the Dhaka Tribune. Fluctuating exchange rate, brexit fear and slow demand of RMG products in the global market may lead to lacklustre growth, said Azizul. He urged the government and sector people to explore new market and focus on the central Asian market, stressing product diversification to reduce dependency on apparel sector. The new target would be achievable if the government provides policy support in the next budget and does not increase tax and source tax for the clothing sector, Exporters Association of Bangladesh president Abdus Salam Murshedy told the Dhaka Tribune. He argued that the production capacity of the sector would increase as  remediation would come to an end by 2018 while a good number of new compliant factories start production.