Export Target Set at $63.4 Billion for the Current Fiscal Year

Photo: Collected

News Desk: The government has set an export earnings target of US$63.4 billion for the current fiscal year (FY2026–27), aiming to achieve 15 percent growth in exports of both goods and services.

Commerce Minister Khandaker Abdul Muqtadir announced the target at a press conference held at the Ministry of Commerce conference room on Sunday (July 26).

Of the total export target, US$55.2 billion is expected to come from merchandise exports, including readymade garments (RMG), while US$8.2 billion is projected to come from service exports.

The commerce minister said Bangladesh failed to achieve its export target in the previous fiscal year, and export growth remained sluggish.

However, he expressed optimism that policy stability under the newly elected government and various business-friendly measures announced in the national budget would help restore momentum to the country's export sector during the current fiscal year.

He said export diversification is one of the government's top priorities. At present, around 85 percent of the country's total export earnings come from the readymade garment (RMG) sector.

To reduce dependence on a single sector, the government has identified leather and leather goods, shipbuilding and ship recycling, light engineering, and the information technology (IT) sector as priority areas for export expansion.

Regarding market diversification, the minister said negotiations on free trade agreements (FTAs) with South Korea and the United Arab Emirates (UAE) are in the final stage.

He added that the government plans to conclude trade negotiations with four to five more countries by December.

The minister also said the Economic Partnership Agreement (EPA) with Japan will be placed before the next session of parliament for implementation. At the same time, the European Union (EU) has expressed interest in starting negotiations on a Free Trade Agreement (FTA) with Bangladesh.

Speaking about Bangladesh's graduation from the Least Developed Country (LDC) category, he said much of the existing uncertainty surrounding the process has eased, allowing exporters to continue enjoying current market preferences for the next three years.

Highlighting the energy crisis as one of the major challenges facing the export sector, the minister said the government is working to install two additional Floating Storage and Regasification Units (FSRUs) to increase LNG imports and ensure a reliable energy supply for industries.

Despite global economic uncertainty and geopolitical tensions, the commerce minister expressed confidence that an improved business environment, expanded trade agreements, and increased investment would help Bangladesh achieve its export target and sustain higher economic growth.