Export target $37.5b
The export target for fiscal 2017-18 has been set at $37.5 billion -- 8.23 percent higher than last fiscal year's receipts.
Bangladesh exported goods worth $34.65 billion last fiscal year, up 1.61 percent year-on-year, according to data from the Export Promotion Bureau.
The garment sector would be gunning for a $30.16 billion export target, 7.19 percent higher than fiscal 2016-17's receipts.
The current economic outlook, policy changes in different export destinations, the trade report of the World Trade Organisation, exporters' feedback, exchange rate movement and supply side capacity were considered during the setting of the export target, Commerce Minister Tofail Ahmed said while disclosing the figure yesterday.
Bangladesh could not achieve the export target last fiscal year because of the devaluation of the Euro and pound sterling against the US dollar, the minister said.
Brexit, national elections in major export destinations in the EU, and the lower prices of goods, especially garment, were also responsible for missing the target last fiscal year, he added.
Shafiul Islam Mohiuddin, president of the Federation of Bangladesh Chambers of Commerce and Industry, called for hassle-free operations of both the airport and the Chittagong port to meet the target.
Last fiscal year's export earnings were at least $3 billion less because of delays at the ports although political stability, the most important element for doing business, was there.
He also demanded adequate supply of gas and power to the industrial units.
After garment the next highest export target has been set for leather and leather goods: $1.38 billion
A representative of the Bangladesh Tanners Association said so far about 40 of the 155 factories at the Savar leather estate have been given gas connections.
If the gas connections are not given to the remaining factories, those that have relocated from Hazaribagh in April cannot go into production.
Ultimately, the non-production by a major number of factories at Savar will have a negative impact on the export earnings at the end of the year, he added.
The target for jute and jute goods has been set at $1.05 billion, home textiles $880 million, frozen and live fish at $535 million, agricultural products at $576 million, and engineering products $876 million.
The ministry also fixed the export target for the services and computer services sectors at $3.5 billion.