BANGLADESH has targeted exporting $51 billion worth of merchandise and services this fiscal year. It is 12.37 per cent higher than what has been attained in the immediate past fiscal year. Commerce Minister Tipu Munshi announced the new target at a virtual meeting recently. Local manufacturers and exporters believe the target is attainable, as the global economy is rebounding with the reopening of stores in the Western world. Three government offices – bonding houses, customs, and ports – need to deliver services faster to retain Bangladesh’s competitiveness in the global export markets.
Merchandise is set to bring in some $43.50 billion, up 12.23 per cent from last fiscal year’s achievement. Some $7.5 billion is expected to be earned from the services sectors, which is similarly 13.15 per cent higher. The government has considered Covid-19’s fallouts on global and local businesses, export diversification, situation in major export markets, global garment supply chain, and the government’s policy supports. Bangladesh government is slow to expand preferential and free trade agreements as import duty is still one of the major sources of government revenue. Despite this, the government is intending to sign either PTAs or FTAs with 11 countries to counter the downsides of making the United Nations status of graduation from a least developed to a developing country after 2026.
The contribution of products other than garments in exports increased to 18 per cent from 16 per cent in the immediate past fiscal year. Jute, leather, and goods made out of them, footwear, light engineering products, home textiles, and a few other value-added goods are bringing the changes. Business is affected when bonded houses, customs, and ports make abnormal delays in releasing goods and documents. The government should vaccinate the workers urgently to maintain smooth production at the export-oriented industries. If the government offices run smoothly, the target of export is attainable.
