The Bangladesh government plans to increase exports to US$58 million in the next fiscal year. Trade organisations are optimistic about the trade rebound in the post pandemic period. Trade bodies have projected merchandise export at $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 $43.50 billion. Service exports are expected to fetch $8.5 billion on the back of a 13.33-percent growth over the estimated US$ 7.5 billion set for the current fiscal.
The government has 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.
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.
