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Thursday, 23 May 2024
Government aims for $110b export earnings in FY2026-27

Government aims for $110b export earnings in FY2026-27

Staff Correspondent

Government officials on Wednesday approved a draft export plan for the period until July 2027 setting an ambitious annual export target of $110 billion by then, as it prepares for the challenges post-LDC graduation.

The cabinet committee on economic affairs approved the draft, which would now be placed before the cabinet.

The country is set to graduate from the ranks of least developed countries in November 2026 and would face a range of export obstacles afterwards due to end of certain trade benefits offered by wealthy importing countries and blocs.

The country earned $55 billion by exporting goods and services in the previous fiscal year that ended in June 2023 (FY2022-23), but now targets $110 billion for the fiscal year ending June 2027 (FY2026-27) – meaning a nearly 100% jump in the span of just four years.

The government's export target for the current fiscal year (FY2023-24) stands at $62 billion, and over 76% of the goal was met until April, with two more months remaining to fulfill the rest of the targeted 24%.

However, in fiscal year 2026-27, challenges are set to much higher due to the graduation from least developed country status. Policymakers appear to set an ambitious target to help overcome obstacles with the best possible preparations.

Among the potential obstacles would be restrictions on providing direct incentives to exporters like cash benefits. The policy draft approved Tuesday by a cabinet division has reportedly proposed a workaround to keep encouraging exporters.

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