Repeated bans on raw jute export deal a blow to its business

The raw jute business in the country has suffered a blow because of the government's repeated decisions to ban the export of raw jute, said Bangladesh Jute Association Chairman Sheikh Saeed Ali.

Many businesses have had to shut down because of this, he said.   

He made the comments at the 8th annual general meeting of the association at its office in Narayanganj on Saturday.

Saeed Ali said the government imposed bans on the export of raw jute in 1984, 2010, 2015, 2016 and 2017. 

The jute spinning mills in the country process only 40-50 lakh bales of raw jute, whereas the production of raw jute is 70-80 lakh bales, he said.  

Due to the repeated embargoes on export, many foreign buyers have turned their back on Bangladeshi raw jute, forcing local traders to leave the business as well, he said.     

"Although jute traders earn foreign currency for the country, the government does not provide any subsidy for them," said the jute association chairman, adding that they will meet the prime minister about this.  

He hoped that the raw jute business will get back on track in future.  

The meeting was told that Bangladesh earned Tk859.05 crore by exporting 8,24,999 bales of raw jute in the 2018-19 fiscal year. 

In the first three months (July-September) of the 2019-20 fiscal year, Tk137.42 crore was earned by exporting 1,37,48 bales of raw jute. 

Arju Rahman Bhuiyan, senior vice-chairman of the association, moderated the programme. 

Former chairman of the Bangladesh Jute Association and Chairman of the Shippers' Council of Bangladesh Md Rezaul Karim, jute association Vice-chairman Md Kutubuddin, Director Md Liyakat Hossain, among others, were present at the meeting.