The Ministry of Commerce has set an export target of $72 billion with 11.52 per cent growth for the fiscal year of 2023-24.

Export target for goods has been set at $62 billion while for the service sector, the target was set at $10 billion.

Export target achieved in FY 2022-23 was $64.55 billion, which saw a growth of 5.88 per cent.

Goods worth $55.55 billion and services worth $9 billion were exported in FY 2022-23, and the growth were 6.67 per cent and 1.25 per cent respectively.

Commerce Minister Tipu Munshi on Wednesday made the announcement of the export target and achievements in the previous fiscal in a press conference at the ministry.

Prior to the announcement, the minister met with leaders of different business organizations and ministry officials.

Business leaders at the meeting urged the government to ensure uninterrupted gas and electricity supply to industries at affordable rates.

Otherwise, exports would be negatively impacted, they told the minister.

While announcing the new export target, Commerce Minister Tipu Munshi said the global economic slowdown has been considered when setting the new target.

Gas and power crises have also been considered while setting the target, the minister said.

While replying to a query, the minister said Bangladesh has some advantages including trained labour force, and affordable cost of products.

Besides, global entrepreneurs are relocating industries from China due to geo-political reasons, and Vietnam has a labour crisis, the minister said.

If Bangladesh can utilize these opportunities, exports can go beyond the target, the commerce minister said.