Jute and jute goods export witnessed a 20.82% leap in the July-January period of FY2019-20 compared to the same period of last fiscal year. The sector earned $602.49 million in July-January of FY2019-20 from $498.66 million in the same period of the last fiscal year.
Figure: The interest of jute products is increasing globally because consumers are increasingly using natural sustainable fibers in day-to-day life.
During the first six months (July-December) of the current fiscal year, Bangladesh earns $511.73 million by exporting jute and jute goods, which is 26.3 percent higher than the last year and it's about 20 percent higher than the target.
The EPB data revealed that the export of raw jute during the July-January of current fiscal totaled $102.05 million followed by jute yarn and twine $370.72 million, jute sacks and bags $70.82 million, and others $58.90 million.
Why export earnings from jute is increasing
Referring to the high growth in the export earnings of jute and jute products, Secretary of the Ministry of Textiles and Jute, Lokman Hossain Mia said that the interest of jute products is increasing because people of Western countries including Europe are increasingly using the natural fibers in different industries and in day-to-day life.
Considering this demand, Bangladesh is producing new diversified jute products. Besides, the effective branding of domestic jute products has been initiated in the international market. Due to these reasons, the export of jute and jute products is increasing steadily.
He also added private sector entrepreneurs are giving cash assistance and policy support to the diversification of products as modern machinery is being added to government jute mills.
Rashidul Karim Munna, Managing Director of Creation Private Limited said, “The demand for diversified jute products are now increasing in foreign markets. So, exports of jute and jute goods are also increasing.”
According to the International Jute Study Group, the annual demand for jute shopping bags in the world market is about 500 billion pieces.
On the other hand, according to the estimation of Business Wire, in 2022, the Home Gardening and Vertical Gardening market will be 1.33 trillion dollars.
jute and jute goods export witnessed a 20.82% leap compared to the same period of last fiscal year. The sector earned $602.49 million July-December of the fiscal year 2019-20 from $498.66 million in the same period of last fiscal year.
Jute products in Bangladesh
Bangladesh Jute sector had profound glory in the Bangladesh economy. This ‘golden fiber’ can recover its image as jute-diversification has been broadening the new prospect of jute. Currently, 281 types of jute products are being produced in the country. Nowadays jute is using in carpets to the sophisticated airplane or luxury car.
Bangladesh is currently exporting jute and jute products to Afghanistan, Algeria, Austria, Belgium, Benin, Brazil, Bulgaria, Canada, Chile, China, Congo, Costa Rica, Egypt, Italy, Indonesia, Ethiopia, Gambia, Germany, Guatemala, Haiti, India, Ireland, Iran, Jordan, Korea, Libya, Malaysia, Mexico, Morocco, Myanmar, Netherlands, Pakistan, Poland, Portugal, Romania, Russia, Saudi Arabia, Sudan, South Africa, Taiwan, Tajikistan, Thailand, Turkey, the United States, the United Kingdom, Uganda, Uzbekistan and Vietnam.
Recently some jute innovations have surprised the jute lovers, among them jute polythene, jute-tin, jute leaf tea are most popular. There is no doubt that if these innovations have properly cared, they will be able to earn a significant amount of profit.
