Bangladesh Govt. Set $58 B Export Target for FY23

Bangladesh Govt. has set an export target of $58 billion. This is 15% higher than the target set for FY 2021-22. Govt project strong economic recovery from Covid-19 pandemic fallout.

Govt. has projected merchandise export at $50 billion for FY23, around 14.94% or $6.5 billion higher than the current FY target of $43.50 billion. The service sector is expected to provide $8.5 billion, 13.33% higher than the current target set for FY22.

The current set target for FY22 is $51 billion according to the export promotion bureau. These projections were sent by the commerce ministry for placing at a coordination meeting held on Sunday.

Experts from the major exporting apparel industry expect this target to be achievable if the current trend of orders continues. International orders are coming in due to the global economic situation and the easing of pandemic restrictions.

This target is a step toward achieving an $80 billion export by FY24. This timeline has been devised by taking into account the expansion of the RMG industry, policy changes and the global economy.

For reaching this goal Govt. has been providing cash incentives to 43 items/services this year. Govt. is also looking at signing a new trade deal with partners such as South Korea, Japan, the US and the EU.