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Govt fixes FY23 export target at $58b for merchandise, $9b for service

Staff Correspondent
20 Jul 2022 13:20:03 | Update: 20 Jul 2022 14:59:23
Govt fixes FY23 export target at $58b for merchandise, $9b for service
- File Photo

The government has fixed the merchandise export target for FY2022-23 at $58 billion, which is 11.36 per cent higher than the real export earning of the last fiscal.

Commerce Minister Tipu Munshi unveiled export targets, both for merchandise and services sectors, for the current fiscal year at a press conference at his secretariat office in Dhaka on Wednesday.

The export target from the services sector for the fiscal 2022-23 has been fixed at $9 billion, which is 12.5 per cent higher than the actual earning from the services sectors in the last fiscal year.

ALSO READ - Bangladesh posts record $52.08b in export earnings

Mentioning that the impact of the ongoing Russia Ukraine conflict was considered while fixing the export targets for the current fiscal year, the minister also pinned hopes that the target will be achieved as the international buyers have been placing work orders in Bangladesh even in the time of volatile global situation.

Last fiscal year, Bangladesh earned $52.08 billion from merchandise shipment, which was 19.73 per cent higher than the target at $43.5 billion, according to data from the Export Promotion Bureau (EPB).

Similarly, some $8 billion was earned from services sectors against the target at $7.5 billion, which is 6.67 per cent higher than the target.

Overall, both from merchandise and services sectors earned $60.08 billion in the last fiscal year, registering a 17.8 per cent growth than its target of $51 billion, the EPB data also said.

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