Govt sets $63.4b export target for FY27

The government has set an export target of US$63.4 billion for the 2026-27 fiscal year, aiming for 15% growth in both merchandise and service exports despite ongoing global economic uncertainty.

Of the total target, merchandise exports are projected at $55.2 billion, while service exports are expected to contribute $8.2 billion.

Commerce Minister Khandakar Abdul Muktadir announced the target at a press briefing at the Ministry of Commerce on Sunday.

Despite global economic uncertainty, geopolitical tensions and challenges in international markets, Bangladesh’s export sector has a realistic opportunity to rebound, the minister said.

He said the government has taken a series of initiatives to accelerate exports by creating a business-friendly environment, facilitating investment and simplifying government services.

Muktadir said negotiations on Free Trade Agreements (FTAs) with South Korea and the United Arab Emirates (UAE) are at the final stage. 

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The government also plans to conclude FTAs with several other countries within this year and hopes to begin formal negotiations on an FTA with the European Union (EU) soon.

Emphasising the need for export diversification, the minister noted that around 85% of Bangladesh’s exports currently come from the ready-made garment (RMG) sector. 

To reduce this dependence, the government is prioritising leather and leather goods, footwear, shipbuilding, ship recycling, light engineering and information technology (IT). 

Specific action plans to support these sectors will be implemented soon, he added.

Referring to the US tariff policy, Muktadir said there has been no effective change in the tariff structure applicable to Bangladesh. 

The existing 10% tariff remains in force under the new legal framework, meaning there is no immediate risk of any additional adverse impact on the country’s exports.

On the energy situation, the minister said industrial production has yet to reach full capacity due to gas supply constraints. 

The government is working to ease the shortage by installing additional Floating Storage and Regasification Units (FSRUs) for liquefied natural gas (LNG).

Expressing confidence that the export target would be achieved, he cited policy stability under the elected government, business-friendly reforms, progress on FTAs and growing confidence among international buyers.

“Bangladesh now has a new window of opportunity before it. Through coordinated efforts to improve the ease of doing business, expand into new markets and diversify exports, we want to usher in a new phase of export growth for the country,” the minister said.

Commerce Secretary Md Ataur Rahman Khan and Export Promotion Bureau (EPB) Vice Chairman Mohammad Hasan Arif were also present at the briefing.