Staff Correspondent, bdnews24.com
Published: 2022-01-12 18:12:14 BdST
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.