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Tuesday, August 9, 2022

Bangladesh sets $51 billion export earning target

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Bangladesh has set an export earnings target of $51 billion for the fiscal 2021-22.

Commerce Minister Tipu Munshi announced it on Tuesday.

Bangladesh earned $38.75 billion in exports during FY2021, missing the $41 billion target set for the year. It was, however, a 15.1 per cent increase over FY2020, when export earnings amounted to $33.67 billion.

Revenue earnings target from merchandise export has been set at $43.5 billion and export revenue earning from services is targeted at $7.5 billion.

The government aims for a 12.37 per cent growth in the export sector over the previous 2020-21 financial year, he added.

The target for the new fiscal year is based on significant growth in exports in the previous year and various policy steps taken by the government to promote exports, such as the new concessions given to “Made in Bangladesh” products, said Tipu Munshi at a virtual press conference, alongside leaders from export-oriented industries.

Considering the “brave way” these industries have continued to function during the pandemic, the target is “very realistic and achievable”, the minister said.

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