Service exports fetch $6.3bn last fiscal

Staff Correspondent

2 August, 2019 12:00 AM printer

Earnings from service exports rose 46.06 percent to $6.3 billion in the last fiscal year of 2018-19, riding on the performance of transport, travel and telecommunication sectors.

The earnings are 26.77 percent higher than the target of $5 billion, according to the data of Export Promotion Bureau (EPB) which was released on Thursday.

The total target of export earning was set at $5 billion from service sector for the fiscal year 2018-19.

 In the service sector, Bangladesh mainly earns foreign currency from transportation by sea, air, rail and road ways, travel, insurance services, telecommunication and information services, construction, computer services, intellectual properties, cultural and recreational services and others business services.

The government started counting forex from service sector from 2016-17 fiscal to assess the country’s overall export value.

Among the export services, telecommunication and information had an impressive performance of $549 million in the last fiscal with a 2.01 percent growth year on year, said the EPB data.

Transport sector bagged $662.76 million in the last fiscal with 12.48 percent higher than the previous year.

Of the transport sector, sea transport fetched $305.77 million, air $354.24 million, rail $0.28 million and road transport earned $0.68 million.

Receipts from travel sector totalled $367.86 million in the last fiscal, of which, $366.43 million come from personal travel and $1.43 million business travel service.

Export of government goods and services grew by 71.27 percent year-on-year to $2.8 billion which is 53.39 percent higher against the target.

Other business services earned $980 million, a 43.86 percent higher than the previous fiscal, according to the EPB data.

The country’s export earnings from goods in the just-concluded fiscal year of 2018-19 were $40.53 billion which is $1.53 billion higher than the target of $39 billion.

The government has set a target of export earnings for the current fiscal year (2019-20) at $51 billion, including $44 billion from goods and $7 billion from services.