Export target to be set at $33.20b for FY `15

The government is going to fix today the export earning target for the current fiscal year (FY) 2014-15 at US$33.20 billion, up by 10.02 per cent or $2.70 billion from the actual earning in the just-concluded fiscal, sources said.
The ministry of commerce will set the export target at a meeting today (Monday) at the Export Promotion Bureau with Commerce Minister Tofail Ahmed in the chair.
In the just-ended fiscal year, the country's total merchandise export fetched $30.17 billion, which marked an 11.65 per cent growth over that of the previous fiscal year. However, the earning fell short of the target by 1.06 per cent.
The export target for the FY 2013-14 was fixed at US$30.50 billion. During the year, earnings from apparel items stood at $24.49 billion. The figure was $21.51 billion in the fiscal year of 2012-13.
Of the $24.49 billion earnings, $12.04 billion was from knitwear export while $12.44 billion was from woven products export. Knitwear and woven export saw 15.02 and 12.70 per cent growth respectively over the year.
Officials said from the current fiscal the government will set woven export target at $13.68 billion and knitwear product at $13.21 billion,  jute and jute goods $835 million, leather and leather goods $625 million, frozen foods $731 million, and agro product $676 million.
A senior commerce ministry official told the FE Sunday that last year the actual export was slightly below the target. "So, this year we have taken a cautious stand in setting export target."
He said commercial councilors working in Bangladeshi embassies abroad will be asked to work hard to raise exports for achieving the target.       
Vice-president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Shahidullah Azim told the FE export target was achievable provided the government ensures hassle-free business environment.
"We will be able to easily achieve the target provided there is no political unrest," he said.
Vice-president of Bangladesh Frozen Food Exporters Association (BFFEA) Quazi Belayet Hossain told the FE Sunday that, last year, the sector attained a significant growth of 17.35 per cent by exporting frozen fish worth $638.19 million -- surpassing the target by10.27 per cent.
Further raising earnings from the sector is possible if the government meets some requirements of the farmers and exporters, he said.
Mr Hossain said production of frozen fish has to be increased to raise export further. And this presupposes a substantial volume of investment.
"We will ask the government to provide financial and technological support to farmers to raise production of shrimp per hectare," he added.