$72bn export revenue target set for FY2023-24

Amid the slowdown of the global economy, Bangladesh has set a $72 billion export target for the current fiscal 2023-24, which is 11.59 percent higher than the last fiscal year.

"Of the target, $62 billion will come from exporting goods and $10 billion from the service sector," Commerce Minister Tipu Munshi said during a press conference at his ministry office in Dhaka on Wednesday.

The export target for the 2022-23 fiscal year was $58 billion and revenue against the target was $ 55.56 billion.

Referring to the government-set export target of $100 billion by 2030, he said that the target set for the current fiscal year is possible to be achieved.

Before the announcement, the commerce minister held a meeting with leaders of different trade bodies and ministry officials and discussed a wide range of issues relating to the subject.

During the meeting, the business leaders urged the government to ensure all out facilities, including uninterrupted power supply to their industries to attain the target.

Responding to the call, Munshi said that the government will take necessary step to meet the demand of the business community to make the effort successful.

The new target for the 2023-24 fiscal year has been set by taking the global volatile economy due to the Russia-Ukraine war under consideration.

Responding to a query from a journalist, the commerce minister said the upcoming general election will be held in light of the constitution and nothing will be closed in the country centering the election.

There will be no negative impact on the achievement of the export target centering the election as all offices, businesses and banks will run normally, he said.    

Munshi said that various organisations have predicted positive economic growth in South Asia by the end of 2023.

If the prediction is forecast then the country's GDP growth will stand at 6.8 percent, added the minister.

Taking the prediction made by various international trade organisations into account, this year's financial setback will begin to end at the end of the year and the world economy will return to growth in the next year, he said.

Referring to the facts of the previous fiscal year, the minister said that $55.56 billion against the target of $58.00 billion was achieved in the commodity sector in the 2022-23 fiscal year, which is about 95.8 percent of the target and 6.6 percent of the 2021-22 fiscal year.

In the goods and services sector, the government achieved a $64.55 billion export target against a $67.00 billion target, which is about 96.3 percent of the target and 5.8 percent higher than the 2021-22 fiscal year.