Bangladesh targets a $67 billion export goal for FY-2023.

The commerce minister claimed that if there hadn't been concerns about a global recession, the export goal would have been even greater. 

Bangladesh has set an export goal of $67 billion for the current fiscal year of 2022–23, which is 10.10% higher than the actual export earnings in the previous fiscal year, despite the World Bank's prediction that global economic development would slow this year. According to Commerce Minister Tipu Munshi, the government expects to earn $67 billion from exports of products and services in FY23, an 11.6% rise from the previous year. He stated on Tuesday that although a target of $52 billion had been set for FY22, the actual earnings exceeded $60 billion. 

"Bangladesh is reaping some geopolitical gains," he declared. Bangladesh, along with Vietnam, Cambodia, India, and Pakistan, are benefiting from the movement in USA orders away from China. "This is the first instance that exports to the United States have exceeded $10 billion. $9 billion of this $10 billion came from the RMG industry. I used to lead the BGMEA and currently export RMGs. The RMG orders, in my opinion, won't decrease''. 

Bangladesh exceeded its target by 19.73%, exporting commodities worth $52.08 billion in FY22. In contrast, the service sector brought in $8 billion, breaking its previous export earnings record. Comparatively, the nation's exports for FY21 totaled $38.75 billion, falling short of the $41 billion goal. He claimed that the Russia-Ukraine war's high inflation was hurting western economies and that Bangladesh's ready-to-wear industry had recently had several export orders cancelled. Despite these, Tipu expressed optimism that the FY23 export earnings objective will be met. 

Sources:

Financial Express

TBS

New Age