IGI Logo

After skyrocketing growth in the immediate past 2021-22 fiscal year (July 2021-June 2022), the Bangladesh government has raised its export target by over 11 per cent to 67 billion US dollars for the current fiscal 2022-23 year.

Bangladeshi Commerce Minister Tipu Munshi made the announcement at a press conference here on Wednesday.

According to the minister, 58 billion dollars will come from goods exports and 9 billion dollars from the service sector.

In the last 2021-22 fiscal year, Bangladesh earned around 8 billion dollars from services exports, Xinhua news agency reported.

Munshi said ready-made garments, including knitwear and woven, would be given a special priority as always to achieve goods export target in the 2022-23 fiscal year, which is from July 2022 to June 2023.

He said the export growth in the last 2021-22 attributed to demand for its ready-made garments in key global markets, which remained unaltered in the last fiscal year, despite the economic consequences of the Russia-Ukraine conflict that has been hampering supply chains.

Bangladesh's earnings from garment export, which make up more than three fourths of the country's annual income since the beginning of this decade, surged to 42.61 billion dollars in the 2021-22 fiscal year, showed data released by the Export Promotion Bureau (EPB) under the Ministry of Commerce.

According to the EPB, Bangladesh saw exports soar more than 34 percent to 52.08 billion dollars in the immediate past 2021-22 fiscal year