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The target amount for export revenue set by the Bangladeshi government for the current fiscal year 2023–2024 is $72 billion. The products sector will receive $62 billion of the total, and the service sector will receive $1 billion.
Following the discussion on Wednesday, July 12 in the conference room of the Ministry of Commerce discussing the formulation of export targets for the fiscal year 2023–24, Commerce Minister Tipu Munshi provided this information to the media.
The business minister, however, acknowledged that such a goal is unrealistic at this time. But he believes that if the supply of gas and power is ensured, this goal may be met.
The minister highlighted the data from the previous fiscal year and said that the product sector earned $55.56 billion in fiscal year 2022–2023 versus a target of $58 billion. About 95.8% of the target is represented by the amount. Furthermore, it is 6.6% higher than the fiscal year 2021–2022. Against a target of $67 billion, the goods and services sector has made $64.55 billion. Its amount is roughly 96.3% of the desired amount.
According to the minister of commerce, "This time, the target of export income has been increased by 11.59 percent compared to last year."
Additionally, he stated that by 2030, the government has set an export goal of $100 billion. The traders agreed with our assertion that the goals set for the current fiscal year are attainable. In order to meet export goals, leaders of various corporate organizations have urged that gas, electricity, fuel, and other amenities be provided. We've heard them, and we've been promised that the government will take action to comply with their requests.
The minister stated that the export targets for the current fiscal year 2023–2024 have been established taking into account the export targets for the previous two fiscal years and the rate of achievement against the target, growth trends achieved in the export sector in recent fiscal years, financial and non-financial incentives taken by the government for product and market expansion and diversification, recent trends in international trade, and other factors.
He claimed that by the end of 2023, numerous organizations anticipate that the majority of South Asia's economies will be experiencing positive growth. If this prediction comes true, Bangladesh's GDP will expand by 6.8%. By the end of the year, the recession this year will start to end, according to predictions made thus far by several international trade organizations. The global economy will therefore resume its growth pattern in the upcoming year.
In the fiscal year 2022–2023, there was no diversification in the export of commodities to new export markets, according to Senior Secretary of the Commerce Ministry Tapan Kanti. The demand for goods has also reduced as a result of rising inflation in the US and the EU.
According to him, worldwide inflation may decline starting in November. As a result, starting in November, our product will be more in demand globally. In light of this, we have established goals.
When the export figures for the fiscal year 2022–2023 are examined, it can be observed that the primary export sector of readymade clothing, which accounts for more than 82 percent of all exports from the nation, has grown by nearly 10 percent. Nevertheless, exports in other industries, such as leather, jute, and home textile, fell from the previous year.
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