The government has set the export target for the current 2021-22 fiscal at $51 billion, a 12.37 per cent higher target than the immediate past fiscal, riding on the latest export growth and policy support for export diversification.
Commerce Minister Tipu Munshi made the announcement at a virtual press briefing on Tuesday. Business leaders also joined the event.“The new target has been set by taking into account all aspects of local and international situations. The target is achievable if the current export trend continues,” Tipu Munshi said.
In the just-concluded 2020-21 fiscal year, Bangladesh earned a total of $45.39 billion from exports of goods and services, the commerce minister informed.
Of the amount, $38.76 billion came from exports of goods that registered a 15.10 per cent growth over the severely corona-hit 2019-20 fiscal year’s $33.67 billion.
Some $43.50 billion out of the new export target is expected to come from shipment of goods and the rest of $7.5 billion from export of services. Year-on-year growth of these two segments has been estimated at 12.23 percent and 13.15 percent respectively.
Despite a double-digit growth of 15.10 percent in merchandise exports in FY21, 94.56 percent of the $41 billion target set for the year was achieved, suggest the latest export data.
Because of corona onslaught in the country in the last quarter resulting in huge export order cancellation, export of goods slipped to $33.67 billion in FY20.In 2018-19 fiscal year, shipment of goods from the country grew 10.55 percent year-on-year to $40.53 billion, which was even 3.94 percent higher than the targeted $39 billion.
The earnings were 3.94 percent higher than the annual target of $39 billion in 2018-19. In 2017-18, Bangladesh exported goods worth $36.66 billion.
“Bangladesh’s export sector has made a turnaround amid the global Covid-19 crisis,” Tipu Munshi said, adding that various policy steps have been taken by the government to promote exports, such as the new concessions given to “Made in Bangladesh” products.
The initiatives will help increase the number of export items and expand export destinations, he said.
He also informed that the contribution of RMG sector in total exports has come down to 81 percent from 84 percent, supported by ongoing efforts to diversify the export basket.