Bangladesh's Export Promotion Bureau (EPB) has set an export target of 11.5 billion U.S. dollars for the current fiscal year 2006-07 on the back of a huge success in export earning in the last fiscal year.

The Daily Star reported Wednesday that the export target of 11. 5 billion dollars for the current fiscal year (July 2006-June 2007) is around 1.34 billion dollars more than that in the last fiscal year.

The EPB has also fixed 13.11 billion dollars and 15.21 billion dollars targets for the fiscal years 2007-08 (July 2007-June 2008) and 2008-09 respectively.

According to EPB data, Bangladesh's export saw the highest-ever surge in terms of volume in fiscal 2005-06, fetching 10.5 billion dollars, a increase of about 1.8 billion dollars over the previous year.

Mir Shahabuddin Mohammad, vice chairman of EPB, attributed the achievement in the last fiscal year to the outstanding performances in some major exporting sectors such as RMG (ready- made garments) and leather and leather goods.

To achieve the target set for fiscal year 2006-07, the vice- chairman said that the government would give more priority to ceramic, pharmaceuticals, melamine, light engineering, plastic, agro-based products and shrimp.

Besides, investment in the RMG sector increased substantially, which may result in higher export growth in the current fiscal, he said.

According to EPB data, the United States remained the single largest destination for Bangladeshi goods fetching around 3 billion dollars in fiscal 2005-06. Around 52 percent of the total earning came from the European Union countries.

The vice-chairman said, "We have to diversify our export market to increase earning."

Citing an example, he said Malaysia has 42 trade facilitation offices around the world, which helps the country post tremendous export growth. He said, "Along with our foreign missions we have to launch this type of trade promotional offices to promote Bangladeshi goods."

Source: Xinhua