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01 October 2023

Business Insider Bangladesh

Bangladesh’s services exports touch $8bn

BI Report || BusinessInsider

Published: 19:50, 20 July 2022   Update: 20:59, 20 July 2022
Bangladesh’s services exports touch $8bn

Graphics: Business Insider Bangladesh

Bangladesh’s services exports achieved a record high in the just concluded fiscal 2021-22, yet it was a peanut compared to neighbouring India.

Services exports registered a 20-percent growth to $8 billion in 2021-22, up from $6.64 billion a year ago, said Commerce Minister Tipu Munshi on Wednesday.

Munshi said this while disclosing the $67 billion export target for the current fiscal year. Of which, he said $9 billion will come from services exports.

On the contrary, India’s services exports were over $254 billion in 2021-22, up 23.4 percent from $206 billion a year ago. So, Bangladesh’s services exports accounted for only 3 percent of what India earned in 2021-22.

Bangladesh earned $8 billion from services exports, mainly led by software services, transportation services, telecommunications and information services and professional and management consulting services, according to a senior commerce ministry official.

The commerce minister is however hopeful that the country will bring in $5 billion by 2025 by exporting ICT and light engineering products.