Bangladesh aims to raise annual exports to $80bn by 2024
Staff Correspondent, bdnews24.com
Published: 12 Jan 2022 06:12 PM BdST Updated: 12 Jan 2022 06:12 PM BdST
-
Garment workers are doing their job amid the coronavirus lockdown at a factory in Dhaka’s Mirpur. Photo: Asif Mahmud Ove
Bangladesh aims to take annual exports to $80 billion by 2024, according to Finance Minister AHM Mustafa Kamal, as he says the government’s efforts to overcome the impacts of the pandemic on the economy will pay off.
The new target has been set after taking global trade circumstances and Bangladesh’s capacity into consideration, he said.
The Cabinet Committee on Economic Affairs cleared the draft of a new export policy prepared by the commerce ministry. The document lays down export targets for the three years to 2024.
Bangladesh’s previous export policy set a target of $60 billion, which was not met.
“The new export policy, effective until 2024, has been pushed up from $60 billion to $80 billion,” the finance minister said following the meeting. “We’ll make the necessary changes and adjustments needed to achieve this.
In fiscal 2020-21, Bangladesh fetched $45.37 billion from exporting goods and services. The government set the export target for the fiscal year ending June 2022 at $51 billion, expecting $43.5 billion from the export of goods and $7.5 billion from the services sector.
According to the Export Promotion Bureau, the first six months of the fiscal year saw a new growth record.
Bangladesh exported goods worth $24.69 billion during that period, a 28.41 percent year-on-year jump.
The coronavirus pandemic had caused significant difficulties for exports and imports the previous year.
-
Afghanistan lifts coal prices as exports to Pakistan boom
-
Russia records weekly inflation for first time since May
-
Germany sweetens immigration offer
-
Brace for economic storm: Bank of England
-
No loans for luxury imports: BB
-
China plans $75b infrastructure fund to revive economy
-
Inflation at 24-yr high adds to strains in S Korea's economy
-
Trade deficit hits record $30.81bn
-
Russia records weekly inflation for first time since May
-
Afghanistan lifts coal prices as exports to neighbouring Pakistan boom
-
Facing labour shortages, Germany sweetens immigration offer
-
Sri Lanka president asks Russia's Putin to help import fuel
-
Bank of England tells lenders to brace for economic storm
-
Bangladesh bars import credit for luxury goods to rein in trade deficit
Most Read
- Life in Dhaka takes a hit as blackouts are back with vengeance
- Ex-BCL leader sets himself on fire at Press Club in Dhaka
- Bangladesh is gearing up to open its first river tunnel by the end of 2022
- New footage shows delayed medical response to George Floyd
- Bangladesh to celebrate Eid-ul-Azha on Jul 10
- Ajmer Sharif cleric arrested over 'incendiary remarks' against Nupur Sharma
- Drastic fall in passenger numbers forces owners to cut Dhaka-Barishal launch fares
- A BGB woman gives birth near Padma Bridge toll plaza
- Grim power outlook as Hasina flags surging cost amid energy crisis
- Bangladesh jails teacher for 8 years over 'blasphemous' Facebook posts