Leather sector's exports cross $1b for second year
Leather sector seems to be the only consistent sector in the economy among all the political and economic issues. Becoming the second largest sector in the economy, it amounted to US $1.13bn in 2014-15 similar to US $1.12bn in 2013-14. Consistency however, was still not enough to align perfectly with economic targets $1.4bn this fiscal year. Next fiscal of 2015-16, targets have been set at $1.21bn.
Bangladeshi leather exports have been doing well with India, Nepal, Australia and particularly Japan, for its duty-free policies. Exporters have considered our economy to maintain closer relations with Japan, so that this advantage remains despite many Asian countries signing free trade deals with them. Bangladesh exports 30% of leather produced to Japan. Of the total global leather exports, Bangladesh contributes 0.5%, worth of $215bn.
The last two fiscal years have missed their targets because of the Eurozone crisis and environmental problems in Hazaribagh. Coming 2020, the $5bn of exports are however looking promising, with this year the fiscal targets expecting to be met.
Jute exporters left in the lurch over India's policy change
The Jute industry, being the 3rd largest exporter of the economy, have been in turmoil recently due to India cancelling registrations of Jute import to their country. A large amount of goods, thus were stuck at different ports as a result. India sent a notice stating the need for re-registration for all importers who are not end-users. Indian importers also have to sign a no-objection certificate for each consignment. India does not normally allow imported raw jute, to be used in local production processes, but still all Indian Jute sack producers use Bangladeshi Jute.
Bangladesh exports 20-30 lakh Jute bales a year to India. Out of total US $868 million Jute exports, the largest in the world, India exports amount to $100 million.
Leather sector seems to be the only consistent sector in the economy among all the political and economic issues. Becoming the second largest sector in the economy, it amounted to US $1.13bn in 2014-15 similar to US $1.12bn in 2013-14. Consistency however, was still not enough to align perfectly with economic targets $1.4bn this fiscal year. Next fiscal of 2015-16, targets have been set at $1.21bn.
Bangladeshi leather exports have been doing well with India, Nepal, Australia and particularly Japan, for its duty-free policies. Exporters have considered our economy to maintain closer relations with Japan, so that this advantage remains despite many Asian countries signing free trade deals with them. Bangladesh exports 30% of leather produced to Japan. Of the total global leather exports, Bangladesh contributes 0.5%, worth of $215bn.
The last two fiscal years have missed their targets because of the Eurozone crisis and environmental problems in Hazaribagh. Coming 2020, the $5bn of exports are however looking promising, with this year the fiscal targets expecting to be met.
Jute exporters left in the lurch over India's policy change
The Jute industry, being the 3rd largest exporter of the economy, have been in turmoil recently due to India cancelling registrations of Jute import to their country. A large amount of goods, thus were stuck at different ports as a result. India sent a notice stating the need for re-registration for all importers who are not end-users. Indian importers also have to sign a no-objection certificate for each consignment. India does not normally allow imported raw jute, to be used in local production processes, but still all Indian Jute sack producers use Bangladeshi Jute.
Bangladesh exports 20-30 lakh Jute bales a year to India. Out of total US $868 million Jute exports, the largest in the world, India exports amount to $100 million.
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