BD missions abroad told to explore new markets for jute, jute goods

The government has directed commercial wings of its foreign missions to boost the country's exports and explore new markets for jute and jute goods, officials said.
The ministry of commerce (MoC) has taken up the initiative with a view to increasing exports of jute products to the international market, they said.
"The export markets of Bangladesh's jute products are limited. We need to search new markets for exporting the golden fibre. The authorities concerned are working in this connection," a MoC high official said.
The MoC sent letters to some 19 commercial wings of its missions abroad asking those to take necessary steps for creating new markets and increasing export of jute goods.
"The quality of jute goods worth about Tk 7.60 billion, manufactured by different jute mills, is at risk, as those are remaining stockpiled at the mills due to a fall in export on sagging demand in the international markets," the MoC letter said.
The Bangladesh Jute Mills Corporation (BJMC) has long been manufacturing different types of packaging fabrics, hessian, sacking, carpet backing, mats and bags which are exported to different countries, sources concerned said.
But now the use of jute goods across the world has fallen significantly due to available alternatives, they said.
"About 75,419 tonnes of jute products worth Tk 7.60 billion are stored in different jute mills across the country. The quality of the jute items is at risk, as those have long been remaining stockpiled due to the fall in exports. Besides, storing such goods is a very difficult task," the letter said.
About 80,000 employees are working in 27 mills under the BJMC, which has to pay Tk 750 million a month on account of salaries, the letter added.
"It is impossible for the BJMC to meet the expenditure on account of salaries due to the fall in exports and use of jute products in the international market," the letter mentioned.
According to the Export Promotion Bureau (EPB), export earnings from jute and jute goods declined by more than 30 per cent in the July-January period of the current fiscal year (FY). The country earned nearly US$ 592 million during the period against $ 646 million in the corresponding period of the last FY.