ZCZC
BSS-40
EXPORT-TARGET
Export target set at $48b for FY21
DHAKA, July 16, 2020 (BSS) – The government has set an export earning target of $48 billion for the current fiscal year (FY21) which is 19.79 percent higher than the overall export earnings for the last fiscal year (FY20).
Out of the overall export earning target, the government is eying to fetch $41 billion from the goods export while the rest of $7 billion from the services sector.
Commerce Minister Tipu Munshi announced the export earning target for the current fiscal year (FY21) at a virtual press conference today.
He expressed his high optimism about attaining this export earning target in the ongoing trend of the global trade and commerce.
Tipu said while setting the export earning target for the current fiscal year, the government has considered the export trend of the last few fiscal years, recent trend of global trade, government announced various stimulus packages to overcome the shock of pandemic, new export potential commodity and services, and exploring new markets.
He said although the overall export earning witnessed a downtrend during March, April and May due to the negative impact of COVID-19, but it has made a turnaround in June.
“So, we can expect that through following the right policy under the current circumstances and proper implementation of it will be helpful to attain the export target,” he said.
Moderated by Commerce Secretary Dr Md Jafar Uddin, Prime Minister’s Private Industry and Investment Affairs Adviser Salman F Rahman, Shafiul Islam Mohiuddin, MP, FBCCI President Sheikh Fazle Fahim, BGMEA President Dr Rubana Huq, BKMEA President Md Hatem, FBCCI Vice President Md Siddiqur Rahman, BASIS President Syed Almas Kabir and LFMEAB President Syful Islam, spoke, among others at the virtual press conference.
The commerce minister said although the export earnings witnessed a downtrend from February to May, but the situation is improving gradually now while the global trade will come to the positive trend again as per the projection of various international agencies.
“Besides, the demand for agriculture and agricultural products, PPE, medical equipment and light engineering products is growing worldwide,” Tipu said adding that considering this the export growth target for the commodities has been set at 21.75 percent while that of services sector at 9.46 percent in the current fiscal year.
He opined that the demand for export items in the markets of Europe and America will get a quantum jump at the last quarter of current fiscal year which will also boost the export earnings of Bangladesh.
He said if the government stimulus packages to implement the coronavirus situation is implemented properly, then the export earnings and the Foreign Direct Investment (FDI) will get a boost.
Tipu also informed since the COVID-19 is going on, the export target can be re-fixed after six months through reviewing the global trade and export trend.
PM’s Adviser Salman F Rahman expressed his high optimism of attaining the announced export target for the current fiscal year.
He said although the COVID-19 has put negative impacts on global trade, but it has also created new opportunities.
“We’ll have to avail the benefits from the changed scenario of global supply chain for which there is a need for product diversification and entering into newer markets,” he added.
Salman also stressed the need for putting much more emphasis on pharmaceutical products, light engineering products and agricultural products to tap the potentials of COVID-19 related opportunities.
He opined that the Bangladeshi exporters would have to avail the opportunities from duty free access of Bangladeshi products to Chinese market.
Urging the Bangladeshi businessmen to leave their such mindset that China is a competitor, Salman called upon them to further boost exports in China and thus work in this regard. “The government will extend necessary support to the businessmen in this regard,” he added.
Salman informed that an insurance scheme of Taka 5,000 crore will be introduced to properly implement the stimulus package declared for the SME sector so that the banks get encouraged to provide more loans to the SME entrepreneurs.
The government could attain export earnings of $40.6 billion against the export target of $54 billion in the last fiscal year (FY20) due to the impact of COVID-19.
BSS/ASG/RI/GM/KU/1910 HRS