The government on Wednesday set the annual export target at $72 billion including goods and services for the fiscal 2023-24 projecting 11.59 per cent year-on-year growth.

While announcing the new export target Commerce Minister Tipu Munshi at a press conference at the secretariat said the global volatile economic slowdown has been considered in fixing the new target.

“Domestically gas and power crisis and the non-cooperation from the National Board of Revenue have been considered while fixing the target,” the minister said.

The Commerce Ministry's new export target is fixed over the real earning of the last year.

Of the amount $62 billion target is fixed for merchandise and the growth has been projected at 11.59 per cent year on year growth.

Earring from merchandise shipment was $ 55.55 billion last fiscal year, according to data from the Export Promotion Bureau (EPB).

Export target of services for the current fiscal year has been fixed at $10 billion projecting 11.11 per cent year on year. Earnings from the services export was $9 billion last fiscal year.