In the financial year 2023-24, the government of Bangladesh has set a higher export earnings target for goods, raising it to $62 billion from $58 billion in FY 2022-23. The export earnings target from the readymade garment (RMG) sector has also been increased to $52.27 billion from $46.80 billion in the previous year. However, the export earnings targets for other major sectors have been lowered. For instance, Leather and leather products Target reduced to $1.35 billion from $1.44 billion in FY 2022-23. Jute and jute goods Target reduced to $1.02 billion from $1.28 billion in FY 2022-23.
Agricultural products Target reduced to $934.50 million from $1.39 billion in FY 2022-23. The home textile Target was reduced to $1.23 billion from $1.98 billion in FY 2022-23. The frozen and live fish Target reduced to $470 million from $634 million in FY 2022-23. Engineering products Target reduced to $630 million from $964.38 million in FY 2022-23. Pharmaceuticals Target set at $210 million for FY 2023-24, compared to $230 million in FY 2022-23. The decline in export earnings from non-RMG products is due to various factors, including global economic slowdown, reduced demand, and regulatory barriers hindering the potential of certain sectors. The government is working to address these challenges and encourage export diversification.
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