The government has targeted $45.50-billion earnings from merchandise exports in fiscal year (FY) 2019-20, projecting 12.25 per cent growth over that of the last fiscal.
It has also set an additional $8.50 billion in earnings from service exports, raising the total aggregate target to $54 billion.
Commerce ministry has targeted 34.10 per cent growth in service export earnings for the current fiscal.
More than 84 per cent or $38.20 billion of the targeted export earnings is expected to come from the ready-made garment (RMG) sector.
The ministry announced the export target at a meeting with senior secretary Mofizul Islam in the chair at his secretariat office in the city on Wednesday.
Leaders and representatives from major export-oriented sectors like textile and RMG also attended the meeting.
Mr Islam said the target is not hard to achieve, provided that exporters are sincere to this end.
Bangladesh fetched $40.35 billion from merchandise shipments in FY 2018-19, recording 10.55-per cent growth over that of the previous fiscal.
The earnings from service sector have been projected at $6.33 billion which would be 46.06 per cent higher than that of $4.33 billion in FY 2017-18.
The government has projected 11.91-per cent growth for RMG sector for this fiscal.
The export target in the garment sector has been fixed at $38.20 billion, up from the last fiscal's achievement of $34.13 billion.
Of the amount, $18.85 billion is expected from knitwear exports with 11.61-per cent growth projection and $19.35 billion from woven items, 7.21 per cent higher from that of last fiscal.
The ministry has fixed an export target of $1.09 billion with a growth projection of 7.18 per cent for leather and leather goods sector.
On the other hand, $891 million and $824 million have been fixed for home textile and jute and jute goods respectively this fiscal.
Sectors like pharmaceuticals, agricultural product, engineering product, frozen and live fish, plastic and ceramic products are also expected to grow.
Multiple issues have been taken to set the target, ministry sources said.
The issues included world economic outlook, stakeholders' opinion, change of exchange rate, supply-side capacity, possible effects of US-China trade war and the World Trade Organisation (WTO) report.