Staff Correspondent:

The government has set a target to earn $63.5 billion from the export of goods and services in the 2025–26 fiscal year. Of this, $55 billion is expected to come from goods and $8.5 billion from services.

Commerce Secretary Mahbubur Rahman announced the target on Tuesday (August 12) at a press conference organised by the Ministry of Commerce at the Secretariat. Commerce Adviser Sheikh Bashir Uddin, senior ministry officials, and leaders from various business sectors were also present.

According to the commerce secretary, the target is 16.5% higher than the earnings achieved in FY 2024–25.

BREAKDOWN OF THE PROJECTED EXPORT EARNINGS FROM GOODS INCLUDES:

• Woven garments: $20.79 billion
• Knitwear: $23.70 billion
• Leather and leather goods: $1.25 billion
• Jute and jute goods: $900 million
• Agricultural products: $1.21 billion

The Bangladesh Bank expects service sector earnings to surpass the ministry’s projection.

The commerce secretary said the targets were set after discussions with stakeholders from relevant sectors. Starting next week, the ministry will hold meetings with industry leaders to identify one or two major bottlenecks for each sector and work with the concerned agencies to resolve them.

Commerce Adviser Sheikh Bashir Uddin described the target as “quite conservative” and expressed hope that actual exports would exceed expectations. He noted that Bangladesh is working on market expansion for non-traditional products and exploring new destinations. Negotiations for free trade agreements (FTAs) are ongoing with Japan, South Korea, and Singapore, though he cautioned that not all FTAs may be favorable for Bangladesh.

The adviser emphasised maximising duty-free market access, especially in the UK and EU, and said discussions are underway to lower the United States’ reciprocal tariff from 20% to 15%.

Industry leaders present expressed optimism about achieving the target but stressed the need to address domestic challenges, particularly the gas crisis, banking sector instability, customs inefficiencies, and law-and-order issues.

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), who attended the press conference, said the government’s target was achievable, and that exports could surpass the target, especially due to progress in reciprocal tariff negotiations with the United States.

However, he stressed that certain domestic challenges must be addressed, particularly the gas crisis, severe problems in the banking sector, improvement of customs services, and law-and-order conditions.

Mohammad Hasib Uddin, a director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said exports could exceed the target if energy, banking, and customs problems were resolved.

When asked about India’s ban on jute product exports through land ports, he said it would not significantly affect exports. The Ministry of Commerce had sent a letter to India’s Ministry of Commerce and was addressing the matter with due sensitivity.