Bangladesh sets $72 bn export target for FY24: Commerce minister

14 Jul '23

1 min read

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Bangladesh's commerce ministry has set an export target of $72 billion for fiscal 2023-24, with 11.52 per cent growth, minister handling the portfolio Tipu Munshi announced recently.
The export target for goods has been set at $62 billion.
The global economic slowdown and gas and power crises have been considered while setting the new target, he said.

Bangladesh’s commerce ministry has set an export target of $72 billion for fiscal 2023-24 (FY24), with 11.52 per cent growth. Making the announcement, commerce minister Tipu Munshi said the export target for goods has been set at $62 billion, while the rest is for the services sector.

The global economic slowdown and gas and power crises have been taken into consideration while setting the new target, the minister said.

The country’s exports were worth $64.55 billion in FY23, witnessing a growth of 5.88 per cent. Goods worth $55.55 billion were exported in FY23, registering a growth of 6.67 per cent.

Meanwhile, business leaders, who met Munshi before the announcement, urged the government to ensure uninterrupted gas and electricity supply to industries at affordable rates, without which exports would be severely hit, according to media reports from the country.

If Bangladesh can take advantage of its trained labour force and affordable cost of products, the relocation of industries from China due to geopolitical reasons, and Vietnam’s labour crisis, exports can cross the target, he added.

Fibre2Fashion News Desk (DS)

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