Saturday, April 20, 2024
From now on, traders can export raw jute without prior approval from the commerce ministry.
The Export Promotion Bureau (EPB) made the announcement in a notice on Monday.
The decision is aimed at boosting raw jute and jute goods exports as earnings declined in both sectors.
According to the EPB, raw jute exports dropped by 12.5 per cent year-on-year to $117 million in the July-January period of the 2022-23 fiscal year.
Monday’s decision was published in several newspapers as a public notice on February 21. The notice was signed by Kumkum Sultana, director (policy and planning) of the EPB, on February 14.
The notice said the government had decided to lift the condition by considering the production of and local demand for raw jute.
In the Export Policy 2021-2024, the commerce ministry included the provision that exporters would have to receive clearance before shipping the golden fibre.
At the farmer level, per maund raw jute was sold at Tk 2,000-2,800 last month, which was Tk 2,500-3,200 three months back.
“After meeting the local demand, it is good to export the surplus. That is why the decision was made by the commerce ministry,” Kumkum said in Monday’s notice.
“We published it earlier in newspapers, and the official letter has been issued today,” she added.
