USD 17.6 Bln Export Target Set
Friday, 02 October 2009

The government has set its sight on earning $ 17.60 billion from exports this fiscal year, up 13 percent from last 2008-09 fiscal year's target, with around 80 percent of it coming from the apparel sector.

The target was finalised in a meeting with representatives from all export-focused organisations at the commerce ministry on Thursday, presided over by commerce minister Faruq Khan.

In the last fiscal year the target was $ 16.30 billion and the earnings from export stood $ 15.56 billion.

As much as 79.46 percent of the earnings are envisaged to come from the readymade garment sector, with the target for the knit sector is 41.46 percent and for the woven sector it is 38 percent, said Manoj Kumar Roy, joint secretary of the ministry, after the meeting.

Asked if the target was gettable given the global economic downturn, he later said, "The downturn has started to recede. Though a negative trend was visible in the growth of export earning in July of this fiscal year, the growth was 0.71 percent in August.

"This is why we are expecting that our export earning will not be that much affected in future and we will be able to achieve the target."

In the 2009-10 fiscal year, the export target for knitwear is Tk 729.72 crore or $ 7.30 billion which is 13.5 percent more than the net export earning of the 2008-09 fiscal year.

In the last fiscal year, the country earned Tk 642.83 crore or $ 6.43 billion from the sector, while the target was Tk 658.37 crore or $ 6.58 billion.

The target for woven wear is Tk 668.79 crore or $ 6.69 billion, up 13 percent from the export earning of the last fiscal year, which was Tk 591.85 crore or $ 5.92 billion.

The target was Tk 568.40 crore or $ 5.68 billion.

The frozen foods sector is expected to earn Tk 46.72 crore from foreign buyers, three percent more than it did in the last fiscal year.

The export target for the leather sector is $23.05 crore, which is 30 percent more than the total earning in this sector in the last fiscal year.

The target for jute-based products is $ 28.27 crore, up five percent more than last fiscal year's.

The target for tea is $ 1.29 crore which is five percent more than the export earning in this sector in the last fiscal year.

The targets for raw jute and vegetables are $ 15.56 crore and $ 4.69 crore respectively.

Among other products, the target for medicine is $ 5.25 crore which is 15 percent more than that of the last fiscal year.

The target for home textile is $ 35.11 crore, which is 12 percent more than last fiscal year. The target for Terri towel is $15.91 crore, up 20 percent.

Among the irregular products, the target for bicycle is $10.99 crore, up 30 percent.

The targets for shoes and ceramic products are $ 22.43 crore and $ 3.49 crore respectively.

The Bangladesh mission in Washington D.C. saw its target up by 15 percent to Tk 486.72 crore or $ 4.87 billion from the last fiscal year.

The target of the mission in Britain is Tk 262.74 crore or $ 2.63 billion, with London's being Tk 179.59 crore or $ 1.79 billion.

The target of the Paris mission is $ 118.59 crore and for Brussels Mission it is $ 50.70 crore.

The targets of Rome, Madrid, Tokyo, Hong Kong and New Delhi are $ 71.27 crore, $ 63.06 crore, $ 23.30 crore and $ 30.42 crore respectively.

Like previous years, this year woven and knitwear is expected to play an important role in the export earning, said Roy.

This year the contribution of knit and woven sector will be more than that of the last fiscal year, he said.

Asked why the target was announced three months after the start of the fiscal year, he blamed it on the tradition of procrastination.

"This is happening for a long time. Because the export data of the last fiscal year reach late, the announcement of the targets for this fiscal year got late too," he said.

The fiscal year starts in July and ends in June in Bangladesh. According to that three months of the 2009-10 fiscal year, July, August and September, have passed.


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