According to government statistics the first eight months (July-February) export earnings in the current fiscal year rose by around 9.0 per cent which is 2.35 per cent more than the target set by the government.
Trade leaders hope the growth would exceed 10 per cent in the financial year 2015-2016 (FY16) provided political stability prevails. As per data available from Export Promotion Bureau (EPB) exports in July-February (FY16) were worth US$22.12 billion against the target of $21.61 billion for this period.
Among the major exportable products readymade garments posted $18.12 billion the highest 82 per cent performing product.
This is higher than the earnings of the same period in the last financial year.
In the fiscal year 2014-15 (FY15) total export during July-February was $20.31 billion.
In February this year, the exports were over $2.85 billion, 5.0 per cent more than the target. The amount was over $2.51 billion in February in 2015.
Abdus Salam Murshedy, a former BGMEA president said the growth is happening due to collective efforts of exporters and the government.
He said the government's incentives and some packages for accelerating export growth are helping to reach new destinations along with the existing markets.
The former trade leader said Bangladesh is offering cheaper costs than many other Asian countries and the skilled workers are also helping the export remain competitive.
In the export earning line pharmaceuticals, light engineering, leather and leather goods, shrimp and some other products are performing better in the international market with qualitative products.
He said but the existing facilities and infrastructures are not quite enough to help Bangladesh to earn $50 billion from apparel sector by 2021.
The government export target for the FY16 is $33.5 billion which is $2.3 billion higher than $31.21 billion in the FY 15.