Bangladesh sets $72 bn export target for FY24: Commerce minister
14 Jul 23 1 min read
Insights
- Bangladesh's commerce ministry has set an export target of $72 billion for fiscal 2023-24, with 11.52 per cent growth, minister handling the portfolio Tipu Munshi announced recently.
- The export target for goods has been set at $62 billion.
- The global economic slowdown and gas and power crises have been considered while setting the new target, he said.
The global economic slowdown and gas and power crises have been taken into consideration while setting the new target, the minister said.
The country’s exports were worth $64.55 billion in FY23, witnessing a growth of 5.88 per cent. Goods worth $55.55 billion were exported in FY23, registering a growth of 6.67 per cent.
Meanwhile, business leaders, who met Munshi before the announcement, urged the government to ensure uninterrupted gas and electricity supply to industries at affordable rates, without which exports would be severely hit, according to media reports from the country.
- Malaysia keen on FTA partnership with Bangladesh: Reports
- Equal import availability sought by Bangladesh RMG accessories makers
- Surge in Bangladesh freight rates again: Reports
- Inflation in Bangladesh rises to 9.89% in May from 9.74% in April
- All Bangladesh leather goods makers to get cash incentives on exports
- Bangladesh receives $3.004 bn in FDI in 2023, a decrease of 14% YoY
If Bangladesh can take advantage of its trained labour force and affordable cost of products, the relocation of industries from China due to geopolitical reasons, and Vietnam’s labour crisis, exports can cross the target, he added.
Fibre2Fashion News Desk (DS)
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