Bangladesh sets USD 50 billion export target for FY 2024-25

Bangladesh has set an ambitious export target of USD 50 billion for goods in the fiscal year 2024-25, representing a 12.4% growth compared to the previous year. Additionally, the target for the service sector has been set at USD 7.5 billion, with a growth goal of 13.6%. These targets were determined during a board meeting on 8 September 2024, chaired by the Hon'ble Advisor on Finance and Commerce, and based on the export earnings and trends of the fiscal year 2023-24.

During the meeting, stakeholders discussed various factors influencing the target, such as global economic conditions, demand trends, and supply chain management. Achieving these targets will require favourable global economic conditions, consistent international demand, smooth supply chains, and uninterrupted utility services like electricity and gas.

Revised export data for fiscal years 2022-23 and 2023-24 were also presented, with figures adjusted to USD 46.6 billion and USD 44.5 billion, respectively, following guidelines from the International Monetary Fund (IMF). These revisions addressed discrepancies between the data from the Export Promotion Bureau (EPB) and Bangladesh Bank. The difference was attributed to factors such as duplicate export entries, miscalculations, and sample items included without export value.

The government and stakeholders are optimistic that with collaborative efforts and favourable conditions, Bangladesh will meet its export targets for the upcoming fiscal year.