Govt sets challenging export target for this fiscal

15 Oct '08

2 min read

Government recently announced that the export target for 2008-09 fiscal was set at US $16.298 billion. Though this is over 15.5 percent higher than last year's $14.11 billion, Commerce Adviser Dr Hossain Zillur Rahman believes that the target is quiet achievable.

He informed that the highest export target has been set for the knit apparels at $6.6 billion with 19 percent growth over the previous fiscal year's earnings of $5.5 billion. Target for woven apparels comes next at $5.7 billion with year-on-year growth of 10 percent.

Dr Rahman stressed that these targets are challenging but can be met, especially considering the global economic situation. "We can come out as winner in the situation as the consumers from the developed countries would go for cheaper products," he said.

He said export earning from home textiles, terry towel, raw jute and related products is surging.

"The government will formulate jute friendly policy so that we can depend on its export," he said.

Besides, demand from new markets like Middle-East and Central Asia is growing, which will provide local manufacturers with huge opportunities.

Although US economy is slowing down, it still remains the top export market for Bangladesh. Target for this country is set at $4.15 billion with 12 percent rise over previous year. The UK at target of $2.5 billion and 15 percent year-on-year growth takes the second spot.

Government is already working with Ministry of Foreign Affairs to strengthen the Bangladesh Missions abroad, so as to accelerate export growth.

According to official statistics, last year export to Australia mounted up by 57 percent, Canada by 17 percent, France by 31.5 percent, Holland by 43 percent, KSA by 41 percent, Kuwait 34 percent, Malaysia by 42 percent, Russia by 98 percent, S Africa 143 percent, Turkey by 41.4 percent, UAE by 48 percent and UK rose by 12.7 percent.

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