The jute industry is a historically and culturally important industry in Bangladesh dating back to during the growth of the East India Company in the Indian subcontinent. Despite once being one of the country's biggest industries and major export items, the jute industry has declined since the 1970s. Exports have fallen as other countries grow jute independently, decreasing the demand for jute to be exported, and other products like plastics and hemp find more widespread use.[1]
As of 2021, Bangladesh holds the position of the second-largest producer of jute, accounting for 42 percent of total worldwide production, and leading in jute exports.[2]