Bangladesh has been running its foreign business wheel targeting $51 Billion export in the current fiscal year including $ 44 billion of goods and $ 7 billion of services.

The Commerce Ministry has already received the target information from Export Promotion Bureau (EPB), sources said.

The country crossed $40 billion threshold in export earnings which was also 3.94 percent higher than the yearly target of $39 billion in 2018-19 fiscal year. The performance was 10.55 percent higher than $36.66 billion exports in FY18.

The country has set $ 10.47 billion more or 25.83 percent higher than the previous fiscal record earnings from export of $ 40.53 billion.

The Commerce Ministry has targeted 8.55 percent more than the previous year for goods export in FY19 while 18 percent for the growth of service exports was set for the year.

Export Promotion Bureau (EPB) officials said that a systematic process or method was followed to set the target as it is being followed every year.

They said also that the Commerce Ministry will take the final decision in this regard.

EPB officials explained that the situation of economic status of the country, the environment in the global business arena and supply chain have been taken for targeting the amount.

Suggestions from big exporters were also taken in this full process of fixing the target.

EPB talked to the leaders in business sectors and took their suggestions on specific sectors regarding the global scenario before setting this $ 51 billion export target, said EPB officials.

In the meantime Commerce Minister Tipu Munshi in a briefing on July 16 said that they have been expecting 15 percent export growth for FY20.

Tipu Munshi did not clarify whether 15 percent growth will be overall growth or growth in goods exports or services export.

EPB proposed for 8.55 percent growth in goods export while 18 percent on services export in its proposal while the average of these two figures is 13.28 percent.

The exports of the country mostly dependent on RMG exports which is estimated 84 percent in the last just finished fiscal year.

Tipu Minshi said also that the government has another firm target to raise exports to $60 billion by 2021 after diversifying the exports arena including its destinations.

Promoting exports of jute produces, leather and leather goods, footwear and plastic items will be promoted to achieve the exports target the government eyes on.

The key markets like Russia, Brazil and Asian markets like Japan, China and India besides US and EU have been focused to enhance exports, Minister said.

It is estimated that in the first 10 months of the Fiscal Year 2019 the exports were $4.86 billion against the yearly target $5 billion. That is a 43 percent exports growth of year-on-year. The service export target has been set $ 7 billion this year, he added.