Bangladesh raises export target to $67bn for FY23

Bangladesh is aiming to set a new record for export earnings in fiscal 2022-23 even as the war in Ukraine rattles the global economy.

The government is targetting $67 billion in revenues from exports of goods and services in FY23, an 11.6 percent increase from the year before, according to Commerce Minister Tipu Munshi.

Although a target of $52 billion had been set for FY22, the actual earnings exceeded $60 billion, he said on Tuesday.

The government hopes to meet the target by shipping goods worth $58 billion, while service exports are expected to contribute $9 billion.

In FY22, Bangladesh exported goods worth $52.08 billion, 19.73 percent higher than the target. The service sector, meanwhile, hauled in $8 billion to set a new record for export earnings. By comparison, the country earned $38.75 billion in exports during FY21, missing the $41 billion target.

The coronavirus pandemic triggered an economic slowdown that lasted almost two years. But the purchasing power in importing countries has improved as they transitioned out of the crisis, which in turn has resulted in unprecedented export growth, according to Tipu Munshi.

In setting the new target, the government has taken into account the ongoing economic instability caused by the Ukraine war, inflation and other challenges, he said.