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.