Bangladesh sets $72b export target with 11.52pc growth for FY24

Bangladesh has set an export target of 72 billion US dollars with a growth rate of 11.52 per cent for the 2023-24 fiscal (FY24).

The export target from merchandise for FY24 has been fixed at 62 billion US dollars, which is 11.59 per cent higher than the real export earnings of the last fiscal.

The export target from the services sector for FY24 has been fixed at 10 billion US dollars which is 11.11 per cent higher than the actual earnings from the services sectors in the last fiscal year.

According to the professional estimate of the 2022-23 fiscal, export earnings from the merchandise and service sector stood at 64.56 billion US dollars during this fiscal.

Commerce minister Tipu Munshi unveiled the export target both for merchandise and services sectors at his secretariat office in the capital on Wednesday.

He said many think this is a high ambitious target, but if an uninterrupted supply of power, gas and fuel can be ensured, it is possible to achieve this target.

Traders also said it would not be possible to accomplish this target without the uninterrupted supply of power and gas, the minster added.

Speaking to Prothom Alo, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) executive president Mohammad Hatem told Prothom Alo said, “Industries were supposed to get uninterrupted power and gas supply, but we are not getting it. On top of that, power connection is being cut off, if the electricity bill remains unpaid for two months.”

“Cash assistance is likely to be discontinued after 2026, but China has been providing it and for this reason, the government will have to find out alternative way to continue cash assistance,” he added.