Govt sets $54bn export target for FY20
Growth of product exports has been projected at 12.25 percent and that of the service sector at 34.1 percent
The government has set a $54 billion export target for the current fiscal year, where products export would contribute $45.5 billion and the services sector $8.5 billion.
Growth of product exports has been projected at 12.25 percent and that of the service sector at 34.1 percent.
The Senior Secretary of the Commerce Ministry, Md Mofizul Islam, made the announcement at a press briefing at the ministry conference room on Wednesday.
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He told the press that achieving the target won’t be an uphill task because exports were growing constantly.
“It will be possible if our exporters become more proactive,” commented the secretary.
In the 2018-19 fiscal year, the country’s total exports stood at $46.87 billion, including $40.53 billion from products export and $6.34 billion from services export.
The products export performance was 3.94 percent higher than the $39 billion export target, and the services export was 26.77 percent higher than the government set target of $5 billion.
The secretary said exports witnessed an average of 10.55 percent growth in the last FY with the mainstay RMG exports growing at 11.49 percent, agro products at 34.92 percent, plastic goods at 21.65 percent and pharmaceutical products at 25.60 percent.
Additional secretaries Tapan Kanti Ghosh, Md Shafiqul Islam and Md Kamal Hossain; Export Processing Bureau vice-chairman Fatima Yeasmin, among others, were present at the briefing.
