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The government is formulating a new jute policy in view of its potentials following the switch-over of demand by international consumers to environment-friendly fibre-products from their synthetic substitutes.
Jute products are likely to fetch around Tk 3.0 billion in export receipts during July-December period, marking 100 per cent rise, said sources at the Bangladesh Jute Mills Corporation (BJMC).
BJMC chairman Solaiman Chowdhury also clarified Monday that the government was not planning to ban exports of raw jute, as some newspapers reported recently.
"We need a new jute policy to produce more of the natural fibre and sustain its growth," said the BJMC chairman, insisting once lost, the sector is eying a vibrant comeback.
Ensuring supply of quality seeds, introducing modern farming technology, training the farmers, proper marketing of jute goods, making jute-pulp would be the priorities of the new policy.
A section of newspapers in Dhaka and Khulna reported recently that the BJMC had asked the Jute Ministry to put a temporary ban on exports of raw jute, as local mills need more fibre.
Bangladesh Jute Association (BJA) members held a special meeting Monday protesting such a reported move.
"We consider that any ban on raw jute would be extremely detrimental to the growth of jute sector and that it would hurt farmers' interest," said former chairman and incumbent director of the BJA Mahfuzul Hoque.
Many said a section of jute purchase agents might have spread the rumour about the ban so that they could deceive local farmers and create an artificial crisis in the international market. The artificial crisis might lead to a further price hike of jute.
Prices of raw jute and jute products rose vertically in the international market, demonstrating the change in consumers' demand. Jute products posted a price-hike by about 40 per cent, BJMC chairman said.
In last three months, production of jute products posted a 30 per cent rise and all of the 22 BJMC mills were currently operating, Chowdhury said.
Due to higher prices of jute fibre in local market (Tk 800 to Tk 900 per maund), smuggling of jute has almost stopped, claimed a source.
Currently raw jute is selling at US $ 350 to US $ 400 per tonne, up by US $ 50 dollar a tonne, BJA sources said.
"We have enough jute in the warehouses and do not need to put a ban on exports," BJMC chairman said.
A Jute Ministry official also told the FE that the news about the ban might be a hoax and a creation of some dishonest brokers.
"I am not aware of any such move," said the official who maintains liaison with the media.
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