The government has set the export earnings growth target at 10.02 per cent for the current financial year 2014-15 which is the lowest target rate since the FY09 when the target was 15.50 per cent. Commerce minister Tofail Ahmed on Monday announced the export target at $33.20 billion with a year-on-year growth of 10.02 per cent at the Export Promotion Bureau in the city. The export target from the readymade garment products was set at $26.89 billion for the FY15 which is 9.82 per cent higher than $24.49 billion earned in the FY14.
Earlier, the minister held a meeting with the stakeholders and board members of the EPB to finalise the export target for the FY15.
The country’s export grew by11.65 per cent to $30.17 billion year-on-year in the just concluded FY14, missing the target for $30.5 billion.
‘We are hopeful that the export earnings target for the FY15 will be fulfilled as the political stability is prevailing in the country and the business people are back to their businesses,’ Tofail said while he was announcing the export target.
He said that the country could have achieved the export earnings target set by the government in the FY14 if the political turmoil did not happen.
The commerce minister said that despite volatile situation in the country in 2013 the export earnings in the FY14 exceeded $30 billion though it was lower than target.
Urging opposition political parties not to create political turmoil, which hurt the businesses and economy, the minister said the export earnings in the FY15 would exceed its target as the RMG and leather sectors had maintained a modest growth.
In the meeting, EPB vice-chairman Shubhashish Bose said they had targeted export earnings from woven garments at $13.68 billion with 9.96 per cent growth in the FY15 and earnings from knitwear at $13.21 billion with a year-on-year growth of 9.67 per cent.
The export growth of the RMG products has been set based on the suggestions of stakeholders as well as analysing the trend of export earnings in the last six months, he said.
The total export target has been set considering its growth of the last five years, government roles to facilitate
businesses, suspension of trade facilities on the US market, competitive global market and success in expansion of markets and diversification of products, Shubhashish said.
The government has set export target from leather at $625 million with a growth of 23.63 per cent while the earnings from leather products at $325 million with 35.37 per cent growth.
Export target from footwear export has been set at $650 million with a year-on-year growth of 18.16 per cent while the target from jute and jute goods has been set at $835 million with a year-on-year growth of 1.32 per cent.
The government has set export target from agricultural products at $676.14 million with 9.93 per cent growth. Earnings target from frozen food has been set at $ 31.08 million with a year-on-year growth of 14.56 per cent.
Commerce secretary Hedayetullah Al Mamoon, National Board of Revenue chairmen Golam Rahman, the Federation of Bangladesh Chambers of Commerce and Industry president Kazi Akram Uddin Ahmed, Bangladesh Garment Manufacturers and Exporters Association president Md Atiqul Islam, Bangladesh Knitwear Manufacturers and Exporters Association vice-president Mohammed Hatem and the representatives of export oriented sectors attended the programme.
-With New Age input
