Bangladesh's Ministry of Commerce has set an export target of $72 billion with 11.52 percent growth for the fiscal year 2023-24.

Export target for goods has been set at $62 billion while for the service sector, the target was set at $10 billion.

Export target achieved in FY 2022-23 was $64.55 billion, which saw a growth of 5.88 percent.

RMG exports to EU grew 9.93% in FY 2022-23: Export Promotion Bureau

Goods worth $55.55 billion and services worth $9 billion were exported in FY 2022-23, and the growth were 6.67 percent and 1.25 percent respectively.

Commerce Minister Tipu Munshi today (July 12, 2023) made the announcement of the export target and achievements in the previous fiscal in a press conference at the ministry.

Prior to the announcement, the minister met with leaders of different business organizations and ministry officials.

RMG exports in FY23 almost $47bn, 85% of total exports

Business leaders at the meeting urged the government to ensure uninterrupted gas and electricity supply to industries at affordable rates.

Otherwise, exports would be negatively impacted, they told the minister.

While announcing the new export target, Commerce Minister Tipu Munshi said the global economic slowdown has been considered when setting the new target.

Gas and power crises have also been considered while setting the target, the minister said.

Exports raked in $55.56bn in FY23, highest in history

While replying to a query, the minister said Bangladesh has some advantages including trained labour force, and affordable cost of products.

Besides, global entrepreneurs are relocating industries from China due to geo-political reasons, and Vietnam has a labour crisis, the minister said.

If Bangladesh can utilize these opportunities, exports can go beyond the target, the commerce minister said.

Dollar exchange rate for repatriated export income increased to Tk107.5