Bangladesh aims to increase its merchandise and service exports by 12.74% year-on-year to $57.5 billion in the fiscal year 2024-25, according to Finance and Commerce Adviser Salehuddin Ahmed. Merchandise exports are projected to grow by 12.35% to $50 billion, while service exports are expected to rise by 15.38% to $7.5 billion. The target considers ongoing challenges such as labor unrest, flooding, and international crises.
Officials believe the target is achievable with improved logistics, energy supply, and political stability. Khandoker Rafiqul Islam, president of the Bangladesh Garment Manufacturers and Exporters Association, emphasized the need for smooth operations in ports and transportation. M A Razzaque, chairman of the Research and Policy Integration for Development, called the target realistic given last year’s low export growth. The government plans to address export barriers and diversify the export basket while ensuring accurate reporting of export data. Discussions are ongoing regarding restoring the Generalized System of Preferences (GSP) with the U.S.
Comment here