Export Promotion Bureau (EPB) has set $34.2bn as export target for the fiscal year 2014-15 with $27.5bn to be earned from the garment sector though the last two years records show failure in reaching the goals.
The draft target, which will be sent to the commerce ministry in a day or two, is 11.60% higher than that of the current year.
“We will send it (the draft target) to the commerce ministry in a day or two for finalising,” said an EPB official.
In the FY2013-14, the country targets to earn $30.5bn from the export sector and has already bagged $24.65bn during the first 10 months. The achievement is 0.40% higher than the strategic target set for the period.
But in last two years, the export sector failed to reach its targets. In 2011-12, the target was $26.5bn and the earnings amounted to $24.3bn, according to EPB data which also showed in 2012-13 the achievement was $27bn against the target of $28bn.
However, the country enjoyed a big leap in exports compared to target during the FY2010-11. While the target was $18.5bn, the earnings exceeded $24bn in the year.
The performance could have encouraged the EPB to set bigger targets in the following years.
However, the export sector has continued to grow over the last several years even in the recent time when the country’s biggest foreign exchange earner garment industry faced trouble after the disastrous Rana Plaza incidence.
Bangladesh mainly depends on garment, leather, agricultural products, shrimp and jute and jute goods to achieve its export target.
“The draft target for the next fiscal year is a little conservative as we want to match the target with performance. Performance is more important than setting targets,” said another EPB official.
He said the draft of the export target has been fixed after having discussions with representatives from different stakeholders including Ministry of Foreign Affairs, Bangladesh Association of Software Information and Services (BASIS), Bangladesh Garment Manufacturers and Exporters Association Bangladesh Knitwear Manufacturers and Exporters Association, Exporters Association of Bangladesh and Ministry of Livestock,
“Priority has been placed to apparel, leather, agricultural products, shrimp, jute and jute goods sectors to achieve export target,” the official said.
For the next fiscal year, the knitwear export target is $13.41bn and woven garments $14.05bn.
In the current fiscal, the government set a target of $11.57bn for knitwear and 12.57bn for woven sector.
During the first 10 months, knitwear earned $9.80bn and woven earned $10.16bn.
