Bangladesh sets $67 billion export target for current fiscal year

[Black_cats]

Bangladesh sets $67 billion export target for current fiscal year​

ECONOMY​

TBS Report
20 July, 2022, 11:35 am
Last modified: 20 July, 2022, 12:18 pm

Fifty-eight billion dollar is expected to be earned from the goods exports and rest from service sector.

File photo. Picture: Mohammad Minhaj Uddin

The Bangladesh government has set a $67 billion export target for the current fiscal year.

"Export target for current fiscal has been set as $67 billion. Of these, $58 billion will come from goods exporting and $9 billion from the service sector," Commerce Minister Tipu Munshi MP said during a press briefing at the secretariat on Wednesday (20 July).

"The backbone of any country's economic development is finding suitable policies and implementing them timely. Also, the government's assistance in helping the private sector's growth is important," the commerce minister added.

According to the recently passed FY22-23 budget, Bangladesh's GDP growth rate is 7.25%. The current fiscal year's export target is 11% higher than the last fiscal.

During the press briefing, the minister further said: "The Russia-Ukraine war has been affecting supply chains and raising prices of many necessary commodities. Especially food items."

"Inflation and joblessness is creasing in America and Europe. According to the IMF, the global growth rate would be 4.4%, and in the year next year it might be even lower," he added.

Actual goods export was $52 billion during the last fiscal and the service sector's actual earnings was $8 billion.

Meanwhile, the actual export of the ready-made garment sector during the last fiscal was $42.2 billion. The target has been set at $46 billion in the current fiscal for this sector.

Commerce Minister Tipu Munshi said that the government will offer policy support to ensure the export target is met.

"A combined effort by the government and private sector will help us achieve the export target," the minister said.

$67b export target set for FY23 amid global recession fears

The commerce minister said the export target would have been higher if there was not a recession scare

www.tbsnews.net

 

[Bilal9]

Bangladesh sets $67 billion export target for current fiscal year​

ECONOMY​

TBS Report
20 July, 2022, 11:35 am
Last modified: 20 July, 2022, 12:18 pm

Fifty-eight billion dollar is expected to be earned from the goods exports and rest from service sector.

File photo. Picture: Mohammad Minhaj Uddin

The Bangladesh government has set a $67 billion export target for the current fiscal year.

"Export target for current fiscal has been set as $67 billion. Of these, $58 billion will come from goods exporting and $9 billion from the service sector," Commerce Minister Tipu Munshi MP said during a press briefing at the secretariat on Wednesday (20 July).

"The backbone of any country's economic development is finding suitable policies and implementing them timely. Also, the government's assistance in helping the private sector's growth is important," the commerce minister added.

According to the recently passed FY22-23 budget, Bangladesh's GDP growth rate is 7.25%. The current fiscal year's export target is 11% higher than the last fiscal.

During the press briefing, the minister further said: "The Russia-Ukraine war has been affecting supply chains and raising prices of many necessary commodities. Especially food items."

"Inflation and joblessness is creasing in America and Europe. According to the IMF, the global growth rate would be 4.4%, and in the year next year it might be even lower," he added.

Actual goods export was $52 billion during the last fiscal and the service sector's actual earnings was $8 billion.

Meanwhile, the actual export of the ready-made garment sector during the last fiscal was $42.2 billion. The target has been set at $46 billion in the current fiscal for this sector.

Commerce Minister Tipu Munshi said that the government will offer policy support to ensure the export target is met.

"A combined effort by the government and private sector will help us achieve the export target," the minister said.

$67b export target set for FY23 amid global recession fears

The commerce minister said the export target would have been higher if there was not a recession scare

www.tbsnews.net

Out of the $67 Billion earned, $50 Billion will make it to India as remittances siphoned off by Indian illegals working in Bangladesh, payments for useless low grade Indian FMCG products like Hajmola and Chaywanprash, and of course tourism proceeds paid by Bangladeshis going to India - thereby keeping Indian economy alive.

That's why Indians and Modi will keep being happy, remembering our continual contribution to their economy.

Bhakts will however still keep calling us 'termites', ghuspetia etc. and accuse us of invading their land of milk and honey by aadhar card fraud.

I have some choice words for this India agent commerce minister Tipu Munshi in Hasina's cabinet, but I will desist.

 

[UKBengali]

BD has to be realistic that much more than 10% export growth this fiscal will be hard due to global economy

 

[bluesky]

Out of the $67 Billion earned, $50 Billion will make it to India as remittances siphoned off by Indian illegals working in Bangladesh, payments for useless low grade Indian FMCG products like Hajmola and Chaywanprash, and of course tourism proceeds paid by Bangladeshis going to India - thereby keeping Indian economy alive.

Actually, you claim India taking too much from BD is not real. Surreal claims dilute a good thread creating friction between BD and Indian posters.

 

[Homo Sapiens]

Hajmola and Chaywanprash

These things are not popular in Bangladesh like India. I do not see everyday people using these stuffs nor I find shops showcasing these products prominently.

 

[Black Tornado]

Out of the $67 Billion earned, $50 Billion will make it to India as remittances siphoned off by Indian illegals working in Bangladesh, payments for useless low grade Indian FMCG products like Hajmola and Chaywanprash, and of course tourism proceeds paid by Bangladeshis going to India - thereby keeping Indian economy alive.

That's why Indians and Modi will keep being happy, remembering our continual contribution to their economy.

Bhakts will however still keep calling us 'termites', ghuspetia etc. and accuse us of invading their land of milk and honey by aadhar card fraud.

I have some choice words for this India agent commerce minister Tipu Munshi in Hasina's cabinet, but I will desist.

No need to cause another flame war in your thread, its good for you to increase exports by such magnitudes, discuss it only.

 

[Destranator]

Out of the $67 Billion earned, $50 Billion will make it to India as remittances siphoned off by Indian illegals working in Bangladesh, payments for useless low grade Indian FMCG products like Hajmola and Chaywanprash, and of course tourism proceeds paid by Bangladeshis going to India - thereby keeping Indian economy alive.

That's why Indians and Modi will keep being happy, remembering our continual contribution to their economy.

Bhakts will however still keep calling us 'termites', ghuspetia etc. and accuse us of invading their land of milk and honey by aadhar card fraud.

I have some choice words for this India agent commerce minister Tipu Munshi in Hasina's cabinet, but I will desist.

Bro, let's not mention India when it's not necessary.
No point in blaming India for forex drain when our moronic population continues to buy Indian products and hire Indians for work.

 

[Bengal71]

These things are not popular in Bangladesh like India. I do not see everyday people using these stuffs nor I find shops showcasing these products prominently.

Chyabonprash is also made by Sadhona and Shakti Oushodhalay in BD. I consumed it with honey if I had a cough when I was young. We don't need Indian Chyabonprash, Sahdona and Shakti make them very well.

 

[mmr]

By selling garments? Lol

RMG orders tumble 30% amid record global inflation

Bangladesh's ready made garments industry is now bracing for another battle for survival as most factories are getting orders less than 30% of their capacity as record inflation rates across Europe and the US make consumers less willing to loosen their purse strings for new outfits and fashion...

www.google.com

Its already down 30 percent lmao

Cant even do simple forecast and ppl wonder why everyone makes fun of BBS.

Better send more maids to saudi to get *****. That will help forex.

 

[Destranator]

By selling garments? Lol

RMG orders tumble 30% amid record global inflation

Bangladesh's ready made garments industry is now bracing for another battle for survival as most factories are getting orders less than 30% of their capacity as record inflation rates across Europe and the US make consumers less willing to loosen their purse strings for new outfits and fashion...

www.google.com

Its already down 30 percent lmao

Cant even do simple forecast and ppl wonder why everyone makes fun of BBS.

Better send more maids to saudi to get *****. That will help forex.

BBS does not calculate export figures.
You can't make up export numbers - too much paper trail.
The govt target is quite modest given the trend in export growth.

 

[BananaRepublicUK]

BBS does not calculate export figures.
You can't make up export numbers - too much paper trail.
The govt target is quite modest given the trend in export growth.

Why you are engaging with this troll!??

 

[UKBengali]

Why you are engaging with this troll!??

The dude has a whole thread on "Fake BBS Statistics" afterall.

Funnily BBS data correlates with IMF, ADB, World Bank etc but the dude thinks he knows better.

 

[Rushd Alam]

The dude has a whole thread on "Fake BBS Statistics" afterall.

Funnily BBS data correlates with IMF, ADB, World Bank etc but the dude thinks he knows better.

He is a obviously very smart like Einstein level, lately he commented on my getting higher education. As he got his phd from Whatsapp and quite proud thinking that was distance learning.

 

[mmr]

BBS does not calculate export figures.
You can't make up export numbers - too much paper trail.
The govt target is quite modest given the trend in export growth.

Bd sell mostly underwear and order is 30 percent down. So not sure what trend we are talking about. Export will go down below 30 billion with 30 percent less order. While import will jump to 50 percent based on global market of commodities.


This is expected when your 90 percent Export comes from garments alone.

Hence the suggestion to send more maids to saudi Arabia. You know that's how former asian tiger economies like south korea and taiwan did. They send there women to get **** to become what they are now. Bd is following same path. As per famous indian restaurant worker.

Also no electricity and production cut on top of 30 percent less order.

Industries scale back production

Exporters have expressed fear that if the supplies of gas and power do not improve quickly, it will not take long to have a negative impact on the country’s export earnings

www.tbsnews.net

 

[Destranator]

Bd sell mostly underwear and order is 30 percent down. So not sure what trend we are talking about. Export will go down below 30 billion with 30 percent less order. While import will jump to 50 percent based on global market of commodities.


This is expected when your 90 percent Export comes from garments alone.

Hence the suggestion to send more maids to saudi Arabia. You know that's how former asian tiger economies like south korea and taiwan did. They send there women to get **** to become what they are now. Bd is following same path. As per famous indian restaurant worker.

Orders are not placed a year in advance. A temporary dip in orders does not imply exports will be down for the entire Financial Year.
There is nothing wrong with exporting low-end garments products like underwear - low-end essential wear tends to have inelastic demand and are therefore more resilient against economic downturns.

The energy crisis is temporary. Even the US is ramping up oil imports from Russia. The market will soon get flooded with oversupply triggering a free fall in price.

You have assumed exports will be down for the entire year while at the same time concluded that import bills will rise by 50% despite new restrictions.
You need to be more positive in your outlook.

Childish squabbles with other members is no justification for berating the country all the time.

If you know it all, you can come back to Bangladesh and start fixing things.