The government looks up to a nearly 15-percent higher export at US$ 58 billion in the next fiscal year (FY), officials say, as exporters appear optimistic about a robust post-pandemic trade rebound.
It has projected merchandise export at U$ 50.0 billion for FY 2022-23, around 14.94-percent or 6.5 billion higher than that of the current FY's target of U$ 43.50 billion.
About US$ 8.5 billion in earnings from services export is being expected, on the back of a 13.33-percent growth over the estimated US$ 7.5 billion set for the current fiscal.
The government set an export target of US$ 51 billion for the current FY 2021-22, according to the Export Promotion Bureau (EPB).
The projections were sent by commerce ministry to the ministry of finance for placing at a coordination council meeting held Sunday with the finance minister in the chair.
Country's exporters, including those in the predominant apparel sector, opined that the export target could be possible to achieve as the Covid-19 pandemic situation is giving a letup across the world. For this, they say, "demand situation will be stronger accordingly on the global market".
Demand for some Bangladeshi export products decreased during pandemic time on the global market. But, the situation has been changing rapidly and the volume of export shipments of the items has been increasing, they added.
The ministry of commerce expects that export receipts would reach US$ 58 billion by the end of the FY 2022-23.
"We have initially projected the export-earning target for FY'23 through consultations with senior officials of the commerce ministry and EPB," a high official said, adding that necessary more consultative meetings will be held with the stakeholders on the export target.
"The projected export target for FY 2022-23 is likely to increase or decrease, if need be," he also said.
According the new Export Policy 2021-2024, the government has set a US$80 billion export target for FY2024 at the termination of the timeline.
The government has taken multiple steps to increase the volume of export earnings from the other nations.
It has taken initiative to devise strategies for the country's different export sectors, including RMG sector, so that it could face competition and expand its market in the post-LDC-graduation era.
The government has projected export target at US$ 67 billion and US 76 billion-both goods and services-for FYs 2023-24 and 2024-25 respectively, according to a commerce ministry document.
It has been providing cash incentives/subsidy on 43 items/services for the current fiscal year, reads the ministry document.
The country's earnings from merchandise exports experienced a hefty growth of 33.41 per cent during the first nine months of the current fiscal year (FY), 2021-22, following increased shipments of apparel products, official data revealed.
The overall export value also surpassed the strategic target for the July-March period by 18.43 per cent.
Bangladesh bagged more than US$38.60 billion during the July-March period of FY 22 over that of nearly $28.94 billion in the matching period of last fiscal, according to the Export Promotion Bureau (EPB).
The export earnings for the month of March 2022 alone grew by 5.48 per cent to $4.76 billion compared to that of $3.07 billion in March 2021.
Meanwhile, of the country's total export volume during the first nine months of the current FY, $38.60 billion, the readymade garment (RMG) sector fetched nearly $31.43 billion, reflecting a 33.81-percent rise over the same period of last fiscal.
Of the total earnings from the sector, export receipts from knitwear items posted the highest growth of 35.29 per cent to close at $17.12 billion during the July-March period of FY 22 over the corresponding period of last fiscal.
Woven garments fetched about $14.31 billion during the period this fiscal, up by 32.07 per cent over that of $11.71 billion during the same period of last fiscal.
Shipments of home-textile products also saw a 36.79-per cent rise with the sector fetching more than $1.15 billion during the first nine months of the current fiscal, compared to that of nearly $1.08 billion during the same period of last fiscal.
Among other major sectors, earnings from shipment of leather and leather products grew by 30 per cent to $896.8 million during the July-March period over that of $684.84 million during the corresponding period of last fiscal.
Earnings from shipment of agricultural products rose by 28.35 per cent to reach $958.46 million during the period under review of FY 22 against $746.72 million during the same period of FY 21.
However, export receipts from jute and jute goods declined by 6.97 per cent to $887.06 million during the July-March period of this fiscal, compared to that of $953.57 million during the corresponding period of last fiscal, the EPB figures revealed.
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