In the first two months of fiscal year 2023-24, Bangladesh’s paper and paper product exports saw a remarkable 85% increase, resulting in $39.79 million in revenue. The closure of paper mills in major supplying countries like China, India, and Japan due to environmental concerns has benefited Bangladesh. The US, Europe, the Middle East, and Africa are the major export destinations for locally produced paper and paper products, according to the Bangladesh Paper Mills Association (BPMA). Also, the government introduced a 10% incentive on export receipts in 2016, which further fueled the growth.
Despite, the industry’s success in the competitive international market, it is facing ongoing challenges from the foreign currency crisis, which hampers manufacturers’ ability to secure letters of credit for essential raw materials. Some companies, like Amber Super Paper Ltd, which produces writing paper and printing paper had to stop exports because of the dollar crisis.
Among the approximately 100 paper mills in the country, Bashundhara exports various paper products to approximately 40 countries. Nevertheless, major industrial groups managed to sustain their paper product shipments, contributing to Bangladesh’s overall export performance in this sector.
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