Govt to announce jute goods as ‘Product of The Year’ for 2023

Jute products are set to become the ‘Product of The Year’ for 2023 to be announced by the government as the natural fibre-based goods are getting popular across the globe.

Prime Minister Sheikh Hasina announces ‘Product of The Year’ at the Dhaka International Trade Fair (DITF).

Officials of the Commerce ministry said that it has been decided that the Jute goods will be announced as ‘Product of the Year’ because of its increased demand at home and abroad and being a natural product.

The prime minister will announce the award at the inaugural ceremony of the DITF, the commerce ministry official said.

Meanwhile, the 27th edition of Dhaka International Trade Fair (DITF) is scheduled to kick off in the capital’s Purbachal neighbourhood on Sunday (January 1).

The month-long fair will take place at Bangabandhu Bangladesh-China Friendship Exhibition Center (BBCFEC).

Vice Chairman of the Export Promotion Bureau, AHM Ahsan, recently sent a letter to the commerce ministry to take necessary measures to announce jute goods as the product of the year for 2023. In the letter it has been said that Bangladesh currently exports 282 jute and jute-based goods to around 135 countries around the globe. 

The export of such goods increased by 31% in FY 2020-21 compared year-on-year. However, the figure fell 0.47% short of the annual target. The exports reached $1,023.33 million in FY 2020-21 while in 2021-22 the shipment fell to $911.45 million. Export earnings from this sector exceeded $1 billion for the first time since 2018, data from the Export Promotion Bureau (EPB), shows. 

Local exporter hopes of turning jute and jute-based goods into a viable source of export revenue as the international demand rises. This was achieved despite the fact that the production of raw jute had declined in the country. To encourage the local exporters of the jute goods, the government is going to announce the jute goods sector as Product of the Year 2023, the letter reads.  

Bangladesh Jute Goods Exporters Association’s (BJGEA) Chairman Mohammad Shafiqul Islam said, “The country produces enough raw jute every year. We have large plans to export these natural fibre-made products to more foreign countries. So, it will be encouraging for the local exporters if jute products become Product of the Year.”

Islam said most of the jute items Bangladesh exports are commercial goods– especially jute yarn and bags. These have created a larger demand in the domestic market, too. Aside from such major products, Bangladesh is also exporting jute by-products.