The government has set a $67 billion export target for the current fiscal year 2022-23 despite the on-going global crisis.
Of these, $58 billion will come from goods exporting and $9 billion from the service sector, commerce Minister Tipu Munshi unveiled the information during a press briefing at the secretariat in the capital on Wednesday.
The government set goods export target for FY23 at $58.0 billion, which is 11.36 percent higher than the real export earnings of the last fiscal year (2021-22).
Besides, the export target from the services sector for the FY23 has been fixed at $9.0 billion which is 12.50 percent higher than the actual earnings from the services sectors in the last fiscal year.
The Commerce Minister hopes the target would be achieved as the international buyers are placing work orders in Bangladesh even at the time of volatile global situation.
Munshi said, “The Russia-Ukraine war has been affecting supply chains and raising prices of many necessary commodities especially food items. Inflation and joblessness are increasing in America and Europe. According to the IMF, the global growth rate would be 4.4 percent, and in year next year it might be even lower.”
He said that the export earnings target has been fixed considering the recession situation. Otherwise, it would have been higher as the country is getting some global geopolitical benefits.
“Orders from the USA have shifted from China, Bangladesh along with Vietnam, Cambodia, India, and Pakistan are enjoying the benefit of it,” Tipu said.
Before announcing the export target, the commerce minister said, “The government has taken several factors into consideration in determining the new export target. We have maintained different considerations including the recent global situation and the trend of achieving export growth in the last fiscal year 2021-22, financial benefits provided by the government for product and market expansion, recent trends in global trade, the impact of Corona in the country, the development of export potential goods and services sector, suggestions of export related stakeholders and the budget of the current fiscal year.”
Last fiscal year Bangladesh earned $52.08 billion from merchandise shipment which is 19.73 percent higher than the target of $43.5 billion, according to data of the Export Promotion Bureau (EPB).
Similarly, some $8.0 billion was earned from the services sectors against the target of $7.5 billion which is 6.67 percent higher than the target.
Overall, both from merchandise and services sectors, some $60.08 billion was earned last fiscal year (FY22) registering 17.80 percent higher growth than the target of $51.0 billion, the EPB data said.
