The Bangladeshi government has announced its ambitious goal of earning $72 billion in exports during the current fiscal year, representing an 11.52% annual growth. 

Commerce Minister Tipu Munshi expressed confidence in achieving the target, despite various challenges faced in the global market. 

The export target considers factors such as LDC graduation, declining global demand, uncertainty from the Russia-Ukraine war, recent global phenomena, monetary pressures, and a tightened financial sector.

Merchandise exports have been set at $62 billion, 11.59% higher than the previous year’s earnings. 

The remaining $10 billion is expected to come from services exports, reflecting an 11.11% growth compared to the previous fiscal year. 

The government held a meeting with stakeholders, including business leaders, traders, and senior officials, to discuss the target and necessary actions.

The readymade garment (RMG) sector is anticipated to be the primary contributor to exports, with efforts also being made to expand the range of export items. 

While some exporters and economists hold mixed opinions on reaching the export goal, Minister Munshi remains optimistic, citing Bangladesh’s trained workforce, affordable products, and the relocation of industrial units from China to Bangladesh. 

Challenges such as the ongoing pandemic and war crisis may affect the outcome. To improve the chances of success, experts recommend focusing on non-RMG sectors, resolving utility supply, VAT, and customs issues, and improving ease of doing business.

The government aims to achieve a GDP growth rate of 7.50% in FY2023-2024, with exports contributing 12% to the overall target.