Kamruzzaman Bablu :
The Export Promotion Bureau (EPB) will propose setting the country’s merchandise export target at US$ 38.0 billion for the upcoming fiscal year (FY) 2017-18, officials said. The target is 7.82 per cent or $ 1.0 billion higher than that of the current FY’s target of $ 37.0 billion. The EPB would also project an additional $3.50 billion in earnings from services export, raising the next FY’s total export target to $41.50 billion.
The proposals were placed at a meeting of the EPB last week when leaders of major export-earning sectors, including ready-made garment and frozen fish, differed with the projection.
Apparel sector leaders opined that the target would be achieved if cash support for new market exploration is continued, political stability ensured and local currency justifiably devalued. The shrimp exporters stressed the need for ensuring smooth supply of raw material for increased production.
The EPB expected the export receipts to reach $ 38.60 billion- $35.24 billion from goods and $3.36 billion from service sectors — by the end of the current FY, reflecting a 3.62 per cent growth over the previous fiscal.
“We have initially proposed the export earnings target for the FY18 through consultation with all the stakeholders” Avijit Chowdhury, Acting vice chairman of EPB told the New Nation. The proposal would soon be sent to the Ministry of Commerce (MoC) for approval, he added.
In the current fiscal year, all major 10 export items have been projected to grow. Earnings from knitwear export would increase by 8.52 per cent, woven garments 5.77 per cent, home textile 9.77 per cent, leather and leather products 9.02 per cent, medicines 8.32 per cent, jute and jute goods 9.39 per cent, engineering products 25.65 per cent and frozen and live fish 0.14 per cent.
Mahmud Hasan Khan, vice president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said , “The proposed target can be achieved if the exchange rate of local currency depreciates against US dollar, cash incentive for exploration of new markets continues and political situation remains stable”.
Adding that the initiatives saw huge investment in safety with less focus on investment for enhancing productivity he said, Next year is also critical for the sector as the western retailers’ ongoing safety initiatives will come to an end by then.
