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Golden Fibre (Jute) : Bangladesh bans raw jute exports on reduced yield

Jute is the most important fibre in Bangladesh. Bangladesh is the largest exporter of raw jute.The local price of raw Jute in Bangladesh is the international price.

Jute in raw form

Bangladesh has banned the export of raw jute with immediate effect due to reduced yield following an erratic monsoon, officials said on Tuesday.

Bangladesh slapped this export ban on?raw jute?to ensure smooth supply of the natural fibre for its local?mills?as the South Asian country predicted dwindling jute production this year.

The ban was unavoidable to ensure uninterrupted supply of raw jute to domestic jute mills, in the wake of poor cultivation of the item, they said. Bangladesh experienced an irregular monsoon which arrived late in the immediate past farming season.

“The ban will continue until the next crop in July-August next year,” a senior official of the Jute Ministry said.

?The government will allow?raw jute?exports only after meeting local demands,? Jute and Textile Minister Abdul Latif Siddiqui told reporters.

Bangladesh usually exports around 40 percent of its total production of 4 million tonnes of?raw jute?while the remainder goes to 160 domestic jute and spinning?mills.

Bangladesh exported 140,000 tonnes of raw jute worth $133.5 million in 2008-09 (July-June) financial against exports of 100,000 tonnes worth $103 million in the previous year.

Bangladesh’s 21 state-owned and 110 private jute mills need around 256,000 tonnes of raw jute annually against a production of nearly 440,000 tonnes. Another official said it was feared production could fall significantly in the current fiscal year.

The jute mills export finished jute goods worth $200 million annually.

Agriculturalists estimate that the country may suffer a production shortfall of 10 percent in 2009.

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Jute in raw form
Jute in raw form

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This entry was posted on Tuesday, December 8th, 2009 at 5:48 pm and is filed under Bangladesh, Bangladesh, agriculture, Bangladesh, economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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