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Govt relaxes ban on raw jute exports
22
Jan '10
Regardless of the insufficiency of fibre in the local market the government has further relaxed the ban on export of raw jute. The government has permitted export of entire raw jute for which Letters of Credit (LCs) for shipment were opened prior to imposition of such restriction on last December 7.

The decision has eased export of entire bulk of raw jute, that is awaiting shipment at the port and also that was under export process till 7th December for which LCs were opened with 16 banks. But it is to be noted that no such relaxation has been provided for export of BTR (Bangla White Rejection) grade of raw jute.

The sector insiders expressed their concern over the issue of short supply of raw jute for local mills that will arise due to current relaxation of the export ban. It is estimated that such relaxation would lead to export of around 1.0 million bales of raw jute.

The ban was imposed by the government through a circular in accordance with Articles 4 and 13 of the Jute Ordinance 1962 on all grades of raw jute, including those which had been already dispatched to the ports and were awaiting shipment.

The ban was imposed due to excessively scant supply of jute fibre confronted by the local jute mills and unusual hike in the prices of raw jute which had already crossed TK 2000 per maund and was feared that it may rise further.

If such rally in price and scarcity of raw jute continues, apprehensions are even served that several domestic jute mills will have to be shut down.

Fibre2fashion News Desk - India

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