Country’s export target pegged at $ 25 billion

http://www.theindependentbd.com/business/finance/51923-countrys-export-target-pegged-at–25-billion.html

Country’s export target pegged at $ 25 billion
Author / Source : UNB

Dhaka, May 25: Buoyed by healthy performance of RMG, jute and jute goods, leather and frozen foods, the government is likely to set the export target at around US$ 25 billion during the next financial year. The overall export during the ten months (July-April) of the current fiscal stood at US$ 18.2 billion, showing a comfortable growth of nearly 41 per cent, exceeding the target by 22.67 per cent reaching close to the annual target of US $18.5 billion.

The export in April last stood at US$ 2036.17 million showing a healthy rise of 45.56 per cent compared to the corresponding month last year.

Talking to UNB an official of the Export Promotion Bureau (EPB) said that the target for the 2011-12 fiscal might be set at US$ 25 billion with a rise of nearly 13 per cent from the overall export target of current fiscal year.

The official said that with the remaining two months of the current fiscal, export earning has almost touched the annual target. He was hopeful reaching US$ 22 billion exceeding the target of US$ 18.54 billion.

He said that EPB has already held meetings with different stakeholders including key chambers and associations and likely to submit the proposed export target to the Commerce Ministry in June.

Export earnings for the 2009-10 fiscal was US$16.2 billion against a target of US$ 17.6 billion that represented a 4 per cent increase over the 2008-09 fiscal, even though it fell around 8 per cent short of the target.

The EPB official hinted that there would be a significant rise in the export target of RMG considering the performance of the current fiscal year.

According to EPB statistics for July-April period, knitwear fetched US$ 7471.89 million, representing a 45.89 per cent growth over the same period of last year while woven garments earned US$ 6698.52 million, a growth of 38.58 per cent.

Export of home textiles during the period totaled US$ 636.02 million with an astonishing growth of 97.82 per  cent while the other major commodities that witnessed growth were footwear US$ 242.68 million, primary commodities US$ 778.11 million, frozen foods including frozen fish, shrimps and others US$ 511.20 million, and agricultural products US$ 266.91 million.

With the eye-catching performance of revived jute and jute made goods, the export target of this sector is also likely to see a substantial increase.

During the July-April period, jute and jute goods totaled US$ 924.78 million, registering a 42.20 per cent rise. Raw jute exports fetched US$ 289.82 million, jute yarn and twine US$ 422.53 million, jute sacks and bags US$ 171.54 million and other items brought in some US$ 40.89 million.

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