Bangladesh has set a new export target of $65 billion for the current fiscal year, aiming for a 17.22% increase compared to last year’s estimated $55.45 billion.
Out of this, $56.5 billion is expected to come from goods and $8.5 billion from services. The growth target is 17% for goods and 18.67% for services.
Initially, the Export Promotion Bureau (EPB) had proposed a lower figure of $63.5 billion. But the Ministry of Commerce revised the numbers, adding $1.5 billion based on stronger expectations from sectors like ready-made garments (RMG), leather, jute, and home textiles.
Officials say the final target will be confirmed next week, once the commerce adviser and secretary return from the US where tariff talks are ongoing.
In FY2024-25, Bangladesh earned around $55.45 billion in exports $48.28 billion from goods and $7.16 billion from services marking an overall growth of 8.48% from the year before.
For the new fiscal year, ten key product categories have been identified to drive growth, with a focus on diversifying products and adding value.
The leather and leather products sector has been assigned a target of $1.25 billion, up by 9.16% from last year.
Officials say the target was set after reviewing inflation trends, exchange rate fluctuations, and shifts in trade policies in major markets. The long-term goal is to hit $150 billion in exports by 2030, with a mid-term target of $110 billion by FY2026-27.
However, performance last year shows there’s a long way to go. Only 19 out of 61 diplomatic missions met their export goals, and only 3 out of 20 commercial wings achieved their targets.
Source – The Financial Express
