Dhaka, Bangladesh (BBN)– The Bangladesh government has set export target for the current fiscal at US$17.60 billion, marking a 13 percent growth over that of the previous fiscal, officials and exporters said.

The target, proposed by the sate-run Export Promotion Bureau (EPB), was finalized in a meeting with representatives from all export-focused organizations at the commerce ministry in Dhaka on Thursday with Commerce Minister Faruk Khan in the chair.

Joint Secretary of the commerce ministry Manoj Kumar Roy after the meeting said the target was achievable as there was a sign of turnaround of the global economy.

“We’ve estimated the export target in consultation with all stakeholders,” Vice-Chairman of the EPB Shahab Ullah told BBN in the capital, Dhaka earlier, adding that the EPB is hopeful of achieving the export target for this fiscal.

“The target is ambitious, but it is achievable as the knitwear export is gradually picking up, sector,” President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Fazlul Hoque told BBN in Dhaka.

He also said the government should provide uninterrupted supply of power and other utilities, and help the exporters take up effective product and market diversification.

The export target for readymade garment, officially known as woven garment, has set at $6.687 billion for the fiscal year 2009-10 (FY10), recording a 13 percent growth over that of the previous fiscal while knitwear export target has set at $7.297 billion against $6.429 billion.

The export target for frozen food has increased to $ $468 million for FY10 from $454.53 million earned in the previous fiscal year, the commerce ministry said.

In fiscal 2008-09, the country’s export earnings stood at $15.565 billion, which was 4.50 per cent lower than the target of $16.298 billion set for the year, according to EPB statistics.

BBN/SS/SI/AD-02October09-1:23 am (BST)