‘Export target set at $48 bn’

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‘Export target set at $48 bn’

Published : Friday, 17 July, 2020 at 10:23 AM, Count : 736

Commerce Minister Tipu Munshi has said that the export target for the current financial year (2020-21) has been set at $48 billion.

The Commerce Minister said this at a press conference held on the online platform on Thursday.

The Commerce Minister said the export target for the 2019-20 fiscal year was $54 billion. As such, the export target has been reduced by 6 billion US dollars this year. Due to the Corona situation, the export income has decreased by 25.28 percent in the 2019-20 fiscal year. Growth has decreased to 14.80 percent. Taking all this into consideration, a total export target of US 48 billion has been set for the fiscal year 2020-21. The growth has been estimated at 19.79 percent. Of this, $41 billion commodity sector and $ 7 billion in the services sector.

He said that in setting the export target for the fiscal year 2020-21, the export target of the last two years and the achievement rate and growth rate have been taken into consideration. As a result of the negative impact of the coronavirus on world trade, export earnings in March, April, and May declined by 18.19 percent, 82.85 percent, and 61.87 percent, respectively, over the previous year. And a 2.5 percent decline in June. However, it is possible to achieve the set targets if the proper policy is followed and timely implementation is ensured.

In the last financial year (2019-20), the export target was set at $54 billion. The export target for the commodity sector was $45 billion and for the service sector, it was estimated at $8 billion. Export income in both sectors has been 40.06 billion dollars.

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