The New Nation - Internet Edition

Staff Reporter

The government yesterday fixed export target for the fiscal year 2008-09 at US$16.298 billion, 15.5 per cent higher than last year's $14.11 billion export earnings.

Commerce Adviser Dr Hossain Zillur Rahman said the target is realistic as well as ambitious. We will try to achieve the export target, he said replying to a question.

A high level meeting of the Ministry of Commerce attended by the private sector stakeholders estimated the export target taking into consideration the global economic situation, particularly of the US and the European Union.

Hossain Zillur at a press briefing at commerce ministry conference room said the product-wise and destination-wise targets were set on the basis of last five year's trend when the export earnings registered growth at rates not less than 10 per cent.

Replying to a question he said Bangladesh is considering capitalising on the global economic situation. "We can come out as winner in the situation as the consumers from the developed countries would go for cheaper products."

Describing Bangladesh's new products and new destinations Zillur said Bangladesh has already delivered a new ship, one of the new products, to its buyer two weeks ago.

The Adviser said the government would convene a workshop late October to review the export performance and the target considering the global economic turmoil so it could reset the country strategy in response to the global changes.

He said exports to some new countries, including in the Middle-East and central Asia, were increasing significantly in terms of percentage though the amount would be meager.

The government, he added, has already undertaken initiative in cooperation with the Ministry of Foreign Affairs to strengthen the Bangladesh missions abroad to accelerate export growth.

He informed that the government has already taken decision to recruit lower level local staff in the Bangladesh Missions in Turkey and Italy which will help expedite trade promotion due to advantage of understanding the local languages.

This time the highest export target has been set for the Knit apparels at $ 6.6 billion with 19 per cent growth over the previous fiscal year's earnings of $5.5 billion, followed by woven apparels at $ 5.7 billion with growth of 10 per cent over previous year's earning of $ 5.3 billion.

Mission-wise, highest target was set for USA at $ 4.15 billion with 12 per cent growth over previous year, followed by UK at $ 2.5 billion which is 15 per cent higher than the performance of previous year.

Zillur said export earnings from home textiles; terry towel, raw jute and jute goods are increasing. "The government will formulate jute friendly policy so that we can depend on its export," he said.

Elaborating the last year's country wise export performance he said export to UK rose by 12.7 per cent, France by 31.5 per cent, Holland by 43 per cent, Canada by 17 per cent, Turkey by 41.4 per cent, Australia by 57 per cent, UAE by 48 per cent, KSA by 41 per cent, Russia by 98 per cent, Malaysia by 42 per cent, Kuwait 34 per cent and S Africa 143 per cent.