For the fiscal year 2021-22, the government is contemplating a target of $43 billion for the country’s merchandise export, with an 11% year-on-year increase.
Although the commerce ministry’s export profits objective is $2 billion more than the target of $41 billion for FY21, it is $2.5 billion below the target for FY20.
The Export Promotion Bureau proposed to the Commerce Ministry a $43 billion export earnings objective for products for FY22 in a draught letter. According to reports, the target for readymade clothing goods is expected to be set at $34 billion, representing a 10% increase above FY21 performance. According to sources, the planned objective was determined in light of the current Covid scenario as well as the global economic trend.
The trade ministry was expected to disclose the next fiscal year’s export target in the first week of July, but this may be postponed owing to the shutdown. For FY22, the commerce ministry planned an 11% increase in knitwear exports and a 9% increase in woven garment exports. It also suggested a 20% increase in home textiles, jute and jute items, and industrial products.
Bangladesh Knitwear Manufacturers and Exporters Association suggested a 15% rise in knitwear exports in the following fiscal year, citing increased demand in Europe. For the fiscal year 2020-21, the government set a target of $41 billion in goods export profits, representing a 21.76 percent increase over the previous year.