Export target set in Garment Sector at $30.16 billion for FY 2017-18

Staff-Correspondent       
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Bangladesh Government has set its export target at $41 billion with a growth target of 7.87%, riding on apparel products for the FY 2017-18 where the garments sector is to contribute $30.16 billion to the total targeted amount.

export target

The government wants to earn $30.16 billion from the RMG sector with an 8.12% growth. It also plans to earn $1.38 billion from leather industry, followed by jute and jute goods at $1.05 billion, and $880 million from home-textile products.

Knit Garments $15.10
Woven Garments $15.06
Leather and Leather Goods $1.38
Jute and Jute Products $1.05
Home Textile Products $0.88

Table: Export target for FY 2017-18 in billion $

The amount, $37.50 billion is expected to come from the manufacturing sector, including the RMG sector, while $3.50 billion will come from the service sector, including computer services.

“Taking into consideration the global economic outlook, policy changes in import and export destinations, fluctuating exchange rate, stakeholders’ feedback and supply-side capacity, we have set the target for FY18 said”, Commerce Minister Tofail Ahmed MP.

“Despite a lot of money spending on safety standard improvements, exporters, especially from apparel sector, are not getting enough price for their products”, he added.

Bangladesh’s overall export earnings stood at $34.83 billion in FY 2016-17, which is 1.68% higher than the $34.25 billion a year ago. It is also the lowest in the last 15 years.

export fy

FBCCI president Shafiul Islam Mohiuddin said, “The lead time is very important as businesses have to export products after importing raw materials, but we struggle to ship products due to congestion in Chittagong port.”

“Due to the rise in e-commerce business, the buyers have broken down RMG products into several categories to have more unique and different designs to meet consumer demand”, he added.

Different business leaders think that the export target is achievable, but it need sector wise special government support, including gas and electricity connection.

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