Export target of $18.7bn proposed, including $14bn from RMG; big jumps expected from jute, engineering and leather
There are high expectations for jute and jute products in the current fiscal. Photo: DIYtrade
Dhaka, Aug 15 (UNB) - Despite failing to achieve expected export earnings in the last fiscal, the Export Promotion Bureau (EPB) has proposed a. $18.7 billion target for exports in the current fiscal, which would be a nearly 15 percent increase over last year’s actual earnings.
Export earnings for the 2009-10 fiscal was $16.2 billion against a target of $17.6 billion. That represented a 4 percent increase over the 2008-09 fiscal, even though it fell around 8 percent short of the target.
Economists say exports, especially the export of knitwear and woven garments could not reach the target in the last fiscal due to the effect of the global economic meltdown, labour unrest in the RMG sector, and the crippling energy and power crisis.
A 10 percent increase in earnings for the highest export earning RMG sector (combining knitwear and woven garments) has been proposed, even though it too could not achieve its target in 2009-10 fiscal, said an EPB high official.
The target for knitwear has been proposed at $7.3 billion, which would be a 13 percent increase on last year’s performance ($6.4 billion) while the target for the woven garments sector has been proposed at $6.7 billion, around $700 million more than it earned last year.
An export earnings target for home textiles has been proposed at $593 million. The sector earned almost $540 million in the last fiscal.
Inspired perhaps by an eye catching performance in the last fiscal, as well as recent breakthroughs in R&D, the EPB wants jute and jute manufactured goods to bring in over $1 billion for the first time this year, which would be a massive 38 percent increase against last year’s performance of $736 million.
The export target for raw jute has been proposed at $255 million, jute yarn and twine at $577 million, jute carpet around $10 million, and jute and synthetic ropes $20 million.
The export earnings target for frozen food was proposed at $482 million. That comprises a target of $96 million for frozen fish and $376 million for shrimps, with the rest made up by other frozen food products.
The EPB wants the country to sell agriculture products worth $266 million in the current fiscal, which would add a tenth to its sales last year, $242 million.
Among the manufactured commodities, the export earnings target for petroleum by-products has been proposed at $450 million, chemical products $111 million, and plastic products $54 million. The export target for leather has been proposed at almost $294 million, which would be a hefty 30 percent improvement over the last fiscal’s performance, which earned the country $226 million.
Cotton and cotton fabrics will be expected to add nearly $103 million while in the case of specialized textiles the target has been proposed at $228 million, up more than 22.67 percent over last year’s earnings of $186 million.
The targeted earnings from exporting engineering products will also be expected to jump significantly, by almost 40 percent to $434 million. Last year the sector earned $311 million.
Footwear is the only other sector expected to earn the country any significant amount of foreign currency in the current fiscal, with a target of $228.6 million.
The targets for some other smaller sectors include: Caps- $ 40 million, ceramic products- $34 million, vessels, medical and technical apparatus- $13 million, other manufactured products- $59 million, paper and paper products- $20 million and computer services- $37.5 million.
Export earnings for the 2009-10 fiscal was $16.2 billion against a target of $17.6 billion. That represented a 4 percent increase over the 2008-09 fiscal, even though it fell around 8 percent short of the target.
Economists say exports, especially the export of knitwear and woven garments could not reach the target in the last fiscal due to the effect of the global economic meltdown, labour unrest in the RMG sector, and the crippling energy and power crisis.
A 10 percent increase in earnings for the highest export earning RMG sector (combining knitwear and woven garments) has been proposed, even though it too could not achieve its target in 2009-10 fiscal, said an EPB high official.
The target for knitwear has been proposed at $7.3 billion, which would be a 13 percent increase on last year’s performance ($6.4 billion) while the target for the woven garments sector has been proposed at $6.7 billion, around $700 million more than it earned last year.
An export earnings target for home textiles has been proposed at $593 million. The sector earned almost $540 million in the last fiscal.
Inspired perhaps by an eye catching performance in the last fiscal, as well as recent breakthroughs in R&D, the EPB wants jute and jute manufactured goods to bring in over $1 billion for the first time this year, which would be a massive 38 percent increase against last year’s performance of $736 million.
The export target for raw jute has been proposed at $255 million, jute yarn and twine at $577 million, jute carpet around $10 million, and jute and synthetic ropes $20 million.
The export earnings target for frozen food was proposed at $482 million. That comprises a target of $96 million for frozen fish and $376 million for shrimps, with the rest made up by other frozen food products.
The EPB wants the country to sell agriculture products worth $266 million in the current fiscal, which would add a tenth to its sales last year, $242 million.
Among the manufactured commodities, the export earnings target for petroleum by-products has been proposed at $450 million, chemical products $111 million, and plastic products $54 million. The export target for leather has been proposed at almost $294 million, which would be a hefty 30 percent improvement over the last fiscal’s performance, which earned the country $226 million.
Cotton and cotton fabrics will be expected to add nearly $103 million while in the case of specialized textiles the target has been proposed at $228 million, up more than 22.67 percent over last year’s earnings of $186 million.
The targeted earnings from exporting engineering products will also be expected to jump significantly, by almost 40 percent to $434 million. Last year the sector earned $311 million.
Footwear is the only other sector expected to earn the country any significant amount of foreign currency in the current fiscal, with a target of $228.6 million.
The targets for some other smaller sectors include: Caps- $ 40 million, ceramic products- $34 million, vessels, medical and technical apparatus- $13 million, other manufactured products- $59 million, paper and paper products- $20 million and computer services- $37.5 million.
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