Dhaka, July 5 (bdnews24.com) — Last fiscal (2011-12) saw over 6 percent rise on export earnings than the year before yet it fell short of the growth target.
In this context the government fixed a 14.50 percent higher or $ 28 billion export target for the new fiscal (2012-13).
A meeting held at the Commerce Ministry on Thursday fixed the fresh export target after scrutinising last year's data.
After the meeting, Commerce Minister Golam Mohammad Qader said earning from export was over $ 24.41 billion in the last fiscal against the target of $ 26.5 billion.
The earning was 6.5 percent higher than the previous fiscal (2010-11). But it fell short of the target by 7.86 percent, he added.
The export income in 2010-11 fiscal was over $22.92 billion.
"Export earnings went on a down trend due to the economic recession in Europe and USA. However, the situation will not be the same this year," said the minister.
He said the new export target was fixed after evaluating the situation prevailing over the last few years and holding discussion with business organisations.
GM Qader also said that earning from garment exports was low in the last fiscal compared to what the sector fetched the year before.
Following the meeting, Export Promotion Bureau (EPB) said the new export target was fixed after examining issues like existing global economic recession, exchange rate, increasing production cost and stiff competition in the international market.
According to a report released by EPB, 21 of the 44 Bangladesh missions achieved their export target during the last fiscal.
The meeting was also attended by Commerce Secretary Golam Hossain, EPB Chairman Shubhashish Basu, representatives from FBCCI and different business chambers and trade associations and high officials of the ministry and EPB.