Abstract
Jute is called the Golden Fiber of Bangladesh. Bangladesh is currently the second largest producer of jute fiber. Bangladesh falls behind its other competitors in applying recent technological advancements. In terms of world export of jute fiber, Bangladeshâ²s share is more than 70%, which makes Bangladesh the largest exporter of jute fiber in the world. The global demand for jute and allied products has seen a steady increase driven by a fresh comeback for biodegradable fiber as people now look for eco-friendly products replacing synthetics. The main purpose of this research is to identify the Auto-Regressive Integrated Moving Average (ARIMA) model that could be used to forecast the production of jute in Bangladesh. This study considered the published secondary data of yearly jute production in Bangladesh over the period 1972 to 2013. The best selected Box-Jenkinâ²s ARIMA model for forecasting the jute productions in Bangladesh is ARIMA(1,1,1). The comparison between the original series and forecasted series shows the same manner which indicate the fitted model behaved statistically well and suitable to forecast the jute productions in Bangladesh i.e., the models forecast well during and beyond the estimation period.
Highlights
In Bangladesh, the service sector accounts for 51% of GDP, the industrial sector 30% and agriculture 18%
In terms of world export of jute fiber, Bangladesh's share is more than 70%, which makes Bangladesh the largest exporter of jute fiber in the world
This study considered the published secondary data of yearly jute production in Bangladesh which was collected over the period 1972 to 2013 from the Food and Agricultural Organization (FAO) website
Summary
In Bangladesh, the service sector accounts for 51% of GDP, the industrial sector 30% and agriculture 18%. After the country's independence, more than 80% of total foreign currency in Bangladesh was earned from jute and jute related goods. About 90% of jute products produced in Bangladesh is exported (Rahman, 2001). Foreign exchange earnings of Bangladesh come mostly from jute. Bangladesh is famous for jute production and earned a big amount of foreign currency by exporting jute and jute products to different countries. Jute was only the vital sector in Bangladesh from which major portion of foreign currency is to come and help Bangladesh's economy and a large number of manpower were employed there. Bangladesh was recognized as one of the best jute producing and exporting countries of the world (Islam et al, 2013). It regained to come to the forth position (Abdullah, 2013)
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
