Thrust on market expansion, diversification of products

The government has set the export target for the current fiscal year (FY), 2014-15, at US$ 33.20 billion, giving more emphasis on expansion of markets and diversification of products.
The amount is 10.02 per cent or $2.70 billion more than last fiscal's export earnings.
The ministry of commerce (MoC) set the export target at a meeting Monday at the Export Promotion Bureau (EPB) with Commerce Minister Tofail Ahmed in the chair.
Representatives from National Board of Revenue, Export Promotion Bureau (EPB), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Dhaka Chamber of Commerce and Industry (DCCI), Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and related ministries and export-orientated industries attended the meeting.
In the just-ended fiscal year, the country's total merchandise export stood at $30.17 billion, which the commerce minister said could be much higher if there had been no political unrest in last fiscal.
"We hope to achieve the target this fiscal as the situation is now quite normal," he said urging all not to destabilise the equilibrium.
Despite the odds, the export marked an 11.65 per cent growth over that of the previous fiscal, said the minister appreciating the entrepreneurs for their relentless efforts and taking pains to achieve the target.
The export earnings fell short of the target by 1.06 per cent in last fiscal. "But it would not have been negative, if there had been no violence, hartals and blockades in 2013," he said adding that the exporters faced a lot of obstacles during the period.
Tofail emphasised that exports from the country's readymade garment (RMG) would reach $50 billion within a few years. He thanked the apparel exporters for their endeavours that helped the government to achieve the success.
"Despite suspension of GSP (generalised system of preferences), our export to the USA, the prime destination of Bangladesh exports, reached $5.583 billion, marking a growth of 3.03 per cent," the minister said while briefing the journalists after the meeting. "The government has set the export target for the current fiscal through consultation with all the stakeholders. The target is achievable," said EPB Vice Chairman Shubhashish Bose while presenting the last fiscal's performance. "We took the decision considering our last five years' experience on export growth."  
The minister said the export growth is on the rise and the trend will continue also in the current fiscal.
"We are trying to diversify the market and exploring new markets," he said adding that the government is giving more emphasis on Latin American markets.
"The country is getting duty-free access to Brazil, Argentina and Chile from January 2015".  He also pointed out that Japan, Australia, India, China, and South Korea agreed to give duty-free market access.
"We will avail the opportunities," said the minister urging the entrepreneurs to grab the opportunity.
Priority has been given to readymade garment, woven, knitwear, leather, agricultural products, shrimp, jute and jute-goods in achieving export target for the current fiscal. The export target for woven garment for current fiscal has been set at $13.681 billion, while for knitwear it is about $13.215 billion, for jute and jute goods $835.35 million, for leather and leather goods $625 million, for frozen foods $731.08 million, and for agro products $676.14 million.
The meeting was attended, among others, by FBCCI president Kazi Akram Uddin, BGMEA president Atiqul Islam, BKMEA vice president Mohammad Hatem and Bangladesh Frozen Food Exporters Association (BFFEA) president Md Amin Ullah.