The decline of Bangladesh’s jute and jute goods exports for the fifth consecutive year is a troubling indicator of an industry that once thrived on its rich heritage and abundant local resources.
Our newspaper yesterday reported that the exports plummeted to $417.39 million in the first half of the 2024-25 financial year — a stark 8.11 per cent drop from the previous year.
Therefore, urgent action is needed to address the multifaceted challenges facing this vital sector.
Historically, jute has been a cornerstone of Bangladesh’s economy, with the country producing 282 types of jute products for 135 international markets. However, the current landscape is marred by shrinking global demand, rising domestic production costs, and aggressive competition from rival nations.
The persistent anti-dumping duty imposed by India further complicates matters, stifling access to a significant market for Bangladeshi exporters. The recent extension of this duty for another five years is a blow that cannot be ignored.
While there are glimmers of hope — such as a 6.41 per cent increase in raw jute exports and a 5.18 per cent rise in jute sacks and bags — these figures are overshadowed by the alarming 13.20 per cent decline in jute yarn and twine exports.
This segment is crucial, having peaked at approximately $800 million in the 2020-21 fiscal year. The lack of product diversity and the inability to adapt to changing market demands have left exporters struggling to maintain their foothold.
The government must take decisive action to revive this sector. Negotiating with India to address the anti-dumping duty is essential, as is tackling the issue of jute hoarding that is driving up prices and creating artificial scarcity.
Textiles and Jute Adviser SK Bashir Uddin’s commitment to combat hoarding is commendable, but it must be backed by robust enforcement and support for sustainable practices.
Moreover, the government should invest in research and development to diversify jute products and enhance their appeal in global markets. Bangladesh can reclaim its position as a leader in the jute industry by fostering innovation and improving trade diplomacy.
The jute sector mustn’t be left behind as the nation celebrates a 12.84 per cent increase in overall export earnings. Only with concerted efforts, can we revive its jute industry, ensuring it remains a vital contributor to the economy and a source of livelihood for countless families.
