In the fiscal year 2024–2025, Bangladesh intends to boost its exports of goods and services by roughly 12.74 per cent annually to US $ 57.5 billion, according to Finance and Commerce Adviser Salehuddin Ahmed.
According to data from the Commerce Ministry, merchandise and service exports are predicted to increase by 12.35 per cent and 15.38 per cent, year over year to reach US $ 50 billion and US $ 7.5 billion annually.
When determining the export target, the interim administration took into account the ongoing turmoil in the apparel industry, flooding in some areas of the nation, and global issues, according to a commerce ministry official who wished to remain anonymous.
The Government is also monitoring both the domestic and international economic landscape, and believes the target is achievable in these circumstances, the official said.
The official expects that business confidence will soon bounce back amid the current regime change that began when the Awami League government led by Sheikh Hasina was ousted by a mass uprising on 5th August.
Khandoker Rafiqul Islam, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said this year’s export target is not unrealistic.
“But the logistics, port and transportation services alongside energy supply must be very smooth to achieve this goal,” he added.
Islam also said that above all, political stability as well as the law-and-order situation must be improved to restore the confidence of investors, entrepreneurs and all others concerned.
MA Razzaque, chairman of the Research and Policy Integration for Development, echoed the same. He did, however, add that Bangladesh faces a supply-side challenge as a result of labor unrest and other problems.
The Export Promotion Bureau (EPB), in conjunction with the National Board of Revenue (NBR) and the Bangladesh Bank, would furnish real-time export data to prevent errors, according to Md. Anwar Hossain, vice-chairman of the EPB.
Additionally, starting in October of this year, the NBR, the central bank, and the EPB will review the export data every three months to guarantee correct reporting. The action follows a previous event in which the NBR’s customs department double-entered export data, resulting in a significant data mismatch in the EPB.
Export data will now be made public with the cooperation of all relevant agencies, according to Finance and Commerce Advisor Ahmed. He stated that the administration will analyze tax-related export issues and remove anti-export impediments to enhance exports.
When asked if the Generalized System of Preferences will be brought back to the US, he responded that talks were still in progress and that the US Government was still in favor of it.
