The cabinet on Monday approved the draft of the new export policy, setting the target of earning $110 billion from exports by the financial year 2026-27.
The new three-year policy will begin from the current financial year beginning on Monday.
Economists said that it was extremely difficult to achieve the export earnings target of $110 billion by the FY27 as the country鈥檚 policies were not tuned.聽
Cabinet secretary Md Mahbubur Rahman at a briefing at secretariat said that the income target of the immediate past export policy was $80 billion.
Referring to provisional data, of the just concluded FY24 he said that the overall income stood around $70 billion.
According to the export promotion Bureau data, the government has set an export earnings target of $72 billion for the FY24.
Out of the total $72 billion, the earnings target for goods had been set at $62 billion while for the service sector the target was set at $10 billion.
Against the target, Bangladesh鈥檚 export earnings from goods in 11 months (July-May) stood at $51.54 billion, which is 8.47 per cent lower than the government-set target, the EPB data showed.
Regarding the service sector, the EPB released data up to March 2024 that showed export earnings from the sector in the nine months of the financial year 2023-24 stood at $5.08 billion, which is nearly 30 per cent lower than the government-set target.
鈥業 do not want to say that the export earnings target of $110 billion by FY27 is not achievable, but I want to say that certainly it will be difficult as our policies are not tuned,鈥� Policy Research Institute executive director Ahsan H Mansur told 抖阴精品 on Monday.
He said that Bangladesh鈥檚 export earnings depended on only readymade garments and the other sectors were not getting policy support from the government.
鈥楧ue to our failure in ensuring product diversification, we have failed to achieve a sustainable export growth,鈥� the economist said.
鈥楤angladesh has been experiencing inconsistent export behavior due to its dependency on a single product. Given these circumstances, it will be extremely difficult to achieve the export target set by the government,鈥� Mansur said.
