The market prospect or export potential of diversified jute products in Bangladesh

Abstract

Bangladesh is one of the major producers and leading exporters of jute and diversified jute products. Jute diversified product (JDP) industry in Bangladesh is known as an un-official, ordinary and small market comparing to other countries such as India. Although, Bangladesh stands in the second position among jute producing countries despite the fact that our JDP industry is under advancement. About 5% of total foreign exchange earnings and 4% of country‟s GDP earned from this sector. Bangladesh for many years has been making a successful contribution on jute sectors adding a handsome turnover to the country‟s export earnings. Along with foreign demands our domestic consumers are changing their perception and attitude towards jute products. Therefore, in this study, I tried to portray the overall scenario of the JDP market prospect along with a prior discussion about the previous history and market situation of the JDP industry. It was also one of my keen intentions to elaborate the possibilities of JDP‟s establishment as worthy products into the modern era of export market and it‟s commonly acceptance among general public by employing specific innovative approach and methods of study which includes, interviews based on semi-structured questionnaire along with data collection, online survey and desk research. After a careful observation and analyzing the responses from personal interviews it can be stated that the potentiality of JDPs in the export market is promising for the long run. The results showed that JDP industries prospect is showing a gradual but significant advancement owing to the fact that mass people are now taking a step forward in the favor of using eco-friendly products as there is a major concern about the environment on the rise. According to the study, the consumption as well as the popularity of JDPs showed an upward trend and their possibilities for business is ever-increasing. Value addition in the JDPs, reforming the JDP value chain are the most effective ways to build a potential market. If the government take a step ahead to reconstruct the business infrastructure by investing money and labor and most importantly enacting the proper policy Bangladesh JDP market will undoubtedly outrun the markets of competitive countries. To aid as a helping hand different private organizations and agencies must play a decisive role and stand beside the government to achieve the goal. In spite of having many obstacles in jute sectors especially less share percentage in JDP sales revenues, various diversified jute products are recently emerging to be potentially huge selling items in the far future. Some recommendations have been made which could possibly change the current situation of JDP industry and help to earn foreign currency. It is crystal clear that there is a high possibility of changing the notion on JDP if everyone would come forward to make a huge difference in the arena of export market and stretching their helping hand for earning foreign currencies.