Export earnings target set at $63.5b for FY'26

The government has set export earnings target at $63.5 billion for the current fiscal year (FY '26), eyeing a 16.5 per cent growth over the last fiscal's receipts.

Of the total, the earnings target from export of merchandise products has been set at $55 billion, 13.40 per cent up from the actual earnings of $48.28 billion in the last fiscal.

On the other hand, an $8.5 billion worth of export target has been fixed for the services sector this fiscal 26, which is 18.67per cent higher than that of the achieved earnings of $7.5 billion in FY '25.

Of the total, $20.79 billion worth of earnings target has been set for woven garments, 23.70 for knitwear, $1.85 billion for leather, leather goods and footwear, $1.02 billion for home textiles, 1.21 for agricultural products, $900 million for jute and jute goods and $539 million for frozen fish and live fish in FY'26.

Commerce secretary Mahbubur Rahman made the announcement at a press conference at the Secretariat on Tuesday, expressing optimism about the achievement of the export targets.

Commerce Adviser Sk Bashir Uddin was present at the press event while senior officials of the commerce ministry, representatives from state agencies and trade bodies also attended the press conference.

The commerce adviser said all prevailing factors have been taken into consideration while setting new export targets.

The country's export earnings target--both for merchandise and services-- was fixed at $57.5 billion while the actual earnings reached $54.05 billion.

The commerce secretary told the press conference that the ministry discussed with the stakeholders before fixing the targets.

He further said the commerce ministry will also sit with trade bodies and industry leaders to identify major tailbacks for each of the exporting sectors and take necessary steps to address them.

Terming the export targets 'attainable', the commerce adviser said processes are underway to expand Bangladesh's market of non-traditional products and exploring new destinations, aiming to boost exports.

Besides, negotiations are on for signing free trade agreements (FTAs) with some countries including Japan, South Korea, and Singapore, he said.

Citing the country's prevailing uncongenial law and order situation, Mr Bashir Uddin, however, believed that the country's export targets set by the government would not be affected because of it.

The commerce adviser said necessary efforts are on to reduce the USA's reciprocal tariff to 15 per cent from the existing 20 per cent.

The discussions are still going on for further reduction of the US tariffs, he mentioned.

He was also hopeful about securing a 15 per cent tariff rate from the US for Bangladeshi products as initiatives have been taken by the government in this connection.

Mr Bashir Uddin said: "We are working to maximise duty-free market access from the UK and EU."

Replying to a question, the commerce adviser said India's restriction on import of four Bangladeshi goods would not create any adverse impact on Bangladesh's export sector.

He, however, said though a letter was sent to the Indian ministry of commerce for the advancement of bilateral trade relations between Bangladesh and India, there was no response to this effect from the Indian side.

India on Monday imposed restrictions on the import of four Bangladeshi goods. Under this restriction, Indian traders will not be able to import four types of jute products from Bangladesh through land ports.

Since the readymade garment (RMG) sector is considered as a major-export earning sector, the government is working to expand export markets of various export items including Man-Made Fibre (MMF) garments, a source said.

A leading apparel exporter expressed his optimism about attainment of the $63.50billion target for the fiscal 2025-26.

"It would be possible to achieve the (export earnings) target," President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Mohammad Hatem said.

He, however, suggested that the government should take steps to address some existing problems including gas crisis, banking related impediments, customs services and law-and-order situation.

Mohammad Hasib Uddin, a director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), also believed that the country's exports could even exceed the set target provided the existing bank, customs and energy-related issues are addressed.

rezamumu@gmail.com