Bangladesh's jute exports decline 20% to $770 mn in Jul-Apr FY23

24 May '23

2 min read

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Insights

In the first ten months of fiscal 2022-23, exports of jute and jute goods from Bangladesh declined by 20.25 per cent to $770.82 million due to global economic challenges impacting international trade.
Exports were also 26.18 per cent lower than the strategic target.
Key products like raw jute and jute yarn and twine missed their export targets as well.

Exports of jute and jute goods (Chapter 53, 630510) fell by 20.25 per cent to $770.82 million in the first ten months of the current fiscal 2022-23 (July-June), as per provisional data released by the Export Promotion Bureau (EPB). The decline is attributed to global economic challenges affecting international trade across various sectors. Exports were down by 26.18 per cent in comparison to the strategic export target set for the same period.

The strategic export target for jute and jute goods was set at $1,044.17 million for July-April 2022-23. Actual shipments amounted to $966.51 million in July-April 2021-22. Bangladesh set a strategic target of $1,280 million for the full year 2022-23. Actual exports amounted to $1,127.63 million in 2021-22, according to the latest EPB trade data.

The exports of raw jute (5303) were $169.05 million in July-April of the current year, compared to $177.50 million during the same period last year, falling short of the strategic target of $195.78 million. The previous year's exports stood at $216.18 million. The shipment of jute yarn and twine was valued at $420.35 million in July-April this year, significantly less than the target of $652.61 million and the previous year's shipment of $601.59 million. Exports were down 35.59 per cent against the target and 30.13 per cent against the corresponding period of last year.

The shipment of jute sacks and bags fell 4.96 per cent to $100.37 million during the period under review. The previous year's shipment was valued at $105.61 million during the same period. The strategic target for the first ten months was set at $106.05 million and $130 million for the full year.

Fibre2Fashion News Desk (KUL)

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