Product of the Year 2023 in Bangladesh
Jute products will be declared as 'Product of the Year' by the government for 2023 as natural fiber-based products are gaining popularity across the globe.
Prime Minister Sheikh Hasina announced the 'Product of the Year' at the Dhaka International Trade Fair (DITF). Officials of the Ministry of Commerce said that it has been decided to declare jute products as the 'best product of the year' due to the increased demand at home and abroad and is a natural product.
The Prime Minister will announce the awards at the opening ceremony of DITF, said a Commerce Ministry official.
Meanwhile, the 27th edition of the Dhaka International Trade Fair (DITF) is scheduled to start on Sunday (January 1) in the Purbachal Para of the capital.
The month-long fair will be held at the Bangabandhu Bangladesh-China Friendship Exhibition Center (BBCFEC).
Export Development Bureau Vice Chairman AHM Ahsan has recently sent a letter to the Ministry of Commerce to take necessary measures to declare jute products as the product of 2023. According to the letter, Bangladesh currently exports 282 jute. and jute-based products in about 135 countries around the world.
Exports of such products increased by 31% year-on-year in FY 2020-21. However, the number is 0.47% short of the annual target. Exports reached $1,023.33 million in fiscal 2020-21 while shipments declined to $911.45 million in 2021-22. Export earnings from the sector exceeded $1 billion for the first time since 2018, data from the Export Development Bureau (EPB) showed.
Local exporters expect jute and jute-based products to become viable sources of export earnings as international demand increases. This has been achieved despite the decline in raw jute production in the country. According to the letter, the government is going to declare the jute sector as the product of 2023 to encourage local exporters of jute products.
Mohammad Shafiqul Islam, chairman of the Bangladesh Jute Goods Exporters Association (BJGEA), said that a sufficient amount of raw jute is produced in the country every year. We have big plans to export these natural fiber-made products to more foreign countries. So if the jute product is the best product of the year, it will be encouraging for the local exporters.”
Islam said most of Bangladesh's exported jute is commercial products - especially jute yarn and bags. The demand for these has also increased in the domestic market. Along with such main products, Bangladesh is also exporting by-products of jute.