• Saturday, Aug 15, 2020
  • Last Update : 01:54 am

Export target likely $41b for FY21

  • Published at 10:00 pm July 15th, 2020
Export
File photo of Chittagong Port Md Manik/Dhaka Tribune

For the just concluded FY20, the government had set the export target at $44.5 billion from goods, but it could earn only $33.67 billion, registering a 16.93% fall in the year

The Ministry of Commerce envisages setting an export target of $41 billion for the current 2020-2021 fiscal year, up by 21.75% on the last fiscal’s earnings from merchandise export.

For the just concluded FY20, the government had set the export target at $44.5 billion from goods, but it could earn only $33.67 billion, registering a 16.93% fall in the year. 

In FY19, Bangladesh earned $40.53 billion from the export of goods.

Commerce Minister Tipu Munshi will announce the target on Thursday.

For the apparel sector, the largest contributor to national export, the target will be set at $33.78 billion, with a 20.88% growth, of which $16.70 billion will come from knitwear products and $17.09 billion from woven goods, sources at the ministry have said.   

In FY20, apparel exports plunged by 18.12% to $27.95 billion, as compared to $34.13 billion in the previous fiscal year.   

Talking to Dhaka Tribune, Centre for Policy Dialogue Research Director Khondaker Golam Moazzem said both setting and attaining export targets depended solely on the Covid-19 situation.

“The last fiscal year ended with sharp negative growth in export earnings, mostly in the garments sector.  Future business will also depend on the extent of Covid control. Unless it is over or there  is a vaccine in the market, it will continue to devastate the economy,”  Moazzem warned.

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