Hoarders driving jute industry into uncertainty: Adviser Bashir
The fair, organised by the Department of Jute and the Jute Diversification Promotion Centre, is being held today to mark National Jute Day and will run for 20 days
Textiles and Jute Adviser Sk Bashir Uddin has said while the jute industry held significant potential post-COVID, the uncontrolled prices of raw jute led to Bangladesh losing international buyers, with the influence of small hoarders growing during that period.
"They [hoarders] are driving the jute industry into uncertainty," he said today (6 March) while inaugurating the Multi-Purpose Jute Products and Handloom Fabrics Fair-2025 at the Jute Diversification Promotion Centre in the capital's Monipuripara.
The fair, organised by the Department of Jute and the Jute Diversification Promotion Centre, is being held today to mark National Jute Day and will run for 20 days.
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Bashir Uddin further added, "Post-COVID, we had crossed the $1 billion mark in jute exports. At that time, the price of raw jute had risen from Tk2,000 to over Tk7,000. This exorbitant price led to broken promises with international buyers, and they started distancing themselves from us. The effects of this have been felt by our industrialists for the last two to three years, and farmers still haven't been receiving proper prices for their jute."
He added, "Due to these limitations, unfortunately, the growth of jute exports is stagnating. If we had the potential for $5 billion in exports, it has now dropped to below $1 billion. We want to bring it back to at least $2 billion."
The adviser urged entrepreneurs to focus on real opportunities, not just theoretical ones.
He also noted that there is the Mandatory Jute Packaging Act, which mandates the use of jute packaging for certain products.
"If we can produce jute bags for the market, it could create a market worth hundreds of crores of taka, which would open many possibilities for entrepreneurs."
