Jute export revenues from Bangladesh fell for the second year in a row between July and January, which is concerning for the promising sector. The global economic slump, declining demand, rising domestic manufacturing costs, and India’s ongoing anti-dumping duty were the causes of this. In the first seven months of the current fiscal year of 2022–2023, sales of jute and items made from it brought in $548 million, a decrease of 21.22 percent year over year. The export proceeds for the same period of 2021–2022 were $696 million, a reduction of 9% from the previous year.
Bangladesh produced 2.43 lakh tonnes of jute textiles in 2021–2022—a 28% decrease from the previous year. As a result, several jute textile millers have been forced to close their facilities or run them at a reduced capacity. The main importers of raw jute from Bangladesh are Pakistan, Nepal, and India, but these nations have canceled purchases because they cannot afford to open letters of credit.
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