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Country’s export target for 2011-12 fiscal likely US$ 25 billion

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Country’s export target for 2011-12 fiscal likely US$ 25 billion

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Reported on: May 25, 2011 19:36 PM
Reported in: Business
News - Country’s export target for 2011-12 fiscal likely US$ 25 billion

Dhaka, May 25 (UNB) - Buoyed by healthy performance of RMG, jute and jute goods, leather and frozen foods, the government is likely to set the export target at around US$ 25 billion during the next financial year.

The overall export during the ten months (July-April) of the current fiscal stood at US$ 18.2 billion, showing a comfortable growth of nearly 41 percent, exceeding the target by 22.67 percent reaching close to the annual target of US$ 18.5 billion.

The export in April last stood at US$ 2036.17 million showing a healthy rise of 45.56 percent compared to the corresponding month last year.

Talking to UNB an official of the Export Promotion Bureau (EPB) said that the target for the 2011-12 fiscal might be set at US$ 25 billion with a rise of nearly 13 percent from the overall export target of current fiscal year.

The official said that with the remaining two months of the current fiscal, export earning has almost touched the annual target. He was hopeful reaching US$ 22 billion exceeding the target of US$ 18.54 billion.

He said that EPB has already held meetings with different stakeholders including key chambers and associations and likely to submit the proposed export target to the Commerce Ministry in June.

Export earnings for the 2009-10 fiscal was US$16.2 billion against a target of US$ 17.6 billion that represented a 4 percent increase over the 2008-09 fiscal, even though it fell around 8 percent short of the target.

The EPB official hinted that there would be a significant rise in the export target of RMG considering the performance of the current fiscal year.

According to EPB statistics for July-April period, knitwear fetched US$ 7471.89 million, representing a 45.89 percent growth over the same period of last year while woven garments earned US$ 6698.52 million, a growth of 38.58 percent.

Export of home textiles during the period totaled US$ 636.02 million with an astonishing growth of 97.82 percent while the other major commodities that witnessed growth were footwear US$ 242.68 million, primary commodities US$ 778.11 million, frozen foods including frozen
fish, shrimps and others US$ 511.20 million, and agricultural products US$ 266.91 million.

With the eye-catching performance of revived jute and jute made goods, the export target of this sector is also likely to see a substantial increase.

During the July-April period, jute and jute goods totaled US$ 924.78 million, registering a 42.20 percent rise. Raw jute exports fetched US$ 289.82 million, jute yarn and twine US$ 422.53 million, jute sacks and bags US$ 171.54 million and other items brought in some US$ 40.89 million.
 
Just export target does not mean much if import exceeds export amount. Bangladesh import this year is more than 36 billion dollars. With this trend import next year will be around 45 billion. And good part of this import growth because Awami regime importing and subsidising oil for rental power plants owned by awami party man.

Aprt from that widening gap btw import and export destroying Bangladesh macro economic position and will not able to sustain even two years.
 
hmm how much increase in % since June?
Bangladesh exported $22.93 billion worth of goods to the world market in 2010-2011 fiscal year. If the target for this fiscal is $25 billion, then the rate of increase is 100 x(25.00-22.93)/22.93 = 9.03% approx. I think, this target is achievable.
 

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