US sanction on Iran: Bangladesh is the loser!

E-Bangladesh Desk

E-Bangladesh Desk

Many of you may have not thought such, but the truth is US sanction on Iran is hampering Bangladesh economically! Yes,  export of jute and jute products from Bangladesh has dropped down sharply due to the sanction., reports fibre2fashion.com.

Quoting the Export Promotion Bureau (EPB) of Bangladesh the website reports that export of jute and jute products to from Bangladesh decreased to US$ 889.45 million during July-May 2011-12 that is 11 percent lower than the corresponding period of previous fiscal year. During the same time frame in 2010-11 fiscal Bangladesh had exported jute goods and products worth US$ 1 billion. According to the fibre2fashion.com “The sanctions imposed by Western countries against Iran, is one of the reasons for decline in Bangladeshi jute exports, as Iran is one of the major importers of Bangladeshi raw jute and jute goods.”

Until fiscal 2010-11, exports of Bangladeshi jute and jute products to Iran increased gradually, says the report. “But post-sanctions, exporters are finding it difficult to realize payments as most of the banks through which the export payments were collected so far have been blacklisted.”

“The financial crisis in Europe, political turmoil in some Middle East countries, floods in Thailand, earthquake in Turkey and fears of global recession are also cited by exporters as the reasons for sluggish demand for Bangladeshi jute and jute items.” Growth of raw jute exports dropped by 26.51 percent in fiscal year 2011-12, which ended on June 30, compared to growth of 53 percent achieved in 2010-11, EPB data showed.


165 Responses to “US sanction on Iran: Bangladesh is the loser!”

  1. Khondkar Abdus Saleque

    Many countries like India is still having trade links with Iran despite of US Sanctions . Bangladesh must give careful thought about it. Unless it is an UN ban Bangladesh has no obligation to comply . We have to protect our export . We should not be pursuaded by USA in taking suicidal approach through snapping links with our major trading partners . What our so called warm relations with USA and having so many US educated advisors around PM has given us ? Why these advisors could not use their strong US links to save World Bank loan agreement for Padma Bride?

  2. Advocate Mohiuddin Fahad

    When our leaders will be aware of the grave situation we are befalling? Bangladesh has to rethink about their wrong decision that are going to cost a huge price. Why we should blindly rely on USA where our national interest should be the first and foremost criteria? Now, USA is threatening us over the reduction of garments accessories to their country. It’s high time that we should react on the basis of our national priority. Otherwise, we have a very dark future ahead.

  3. Tayabudddin

    Our leaders are intellectuals and corrupts. Now Hugo Shevez is at the death bed in Brazil – next will be our prime minister or the opposition Leader in abroad. Don’t worry. They are so intelligent and powerful intellectuals who guide the nation towards bright future days in abroad.

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