Bangladesh Jute News:

STATE-RUN JUTE MILLS UNLIKELY TO BE PROFITABLE

Despite the country’s jute sector witnessing a revival in its fortune, the state-run jute mills are unlikely to be profitable mainly due to t heir age-old machinery and poor management. As age-old machinery in the jute mills cannot reduce quality jute goods and yarn, international buyers are expressing their dissatisfaction. It is feared that export of jute goods would decline soon, a high official of Bangladesh Jute Mills Corporation (BJMC) said. He mentioned that there is a serious dearth of skilled manpower in the mills. The production cost of the state sector jute mills has gone up by 50% because of excess manpower. Modern management and modern technology in jute mills are to be there as soon as possible for raising the output and for earning more foreign exchange by exporting jute goods to foreign countries, the official said.

Jute

EXPORTS EXCEED TARGET

Exports soared 41.61% in the first 11 months of the current fiscal year, buoyed by appeal, compared to the same period a year earlier, according to Export Promotion Bureau. In the July-May period, Bangladesh exported goods worth $20.54 billion sur-passing the period’s $16.58 billion target. In May alone, country exported goods worth $2.30 billion, a 47.69% rise from the same month a year earlier. In May, the export exceeded the target by 34.26%.

rising up for target

The export of some products such as frozen foods, agriculturalproducts, rubber, leather goods, fruits, specialized woven and knit fabrics, jute and jute goods, home textile, plastic waste, ships and boats and footwear also witnessed a significant export growth during the period. As a new sector, exports of ships boats and floating structures rose 337.66% to $40.44 million in the July-May period, from a year earlier.

Source: EPB & BJMC