Published: December 9, 2023, 02:58 PM
The prices of onions have increased by Tk 50–60 per kg in Khulna as elsewhere in Bangladesh shortly after India banned its export till March 31 next year .
During a visit to the local markets including Shandhya Bazar, New Market, Jorakol Bazar, Boyra Bazar, Gallamari, and Truck Terminal Wholesale Market in Khulna city, the UNB correspondent found that Indian onion was sold for Tk 100-160 per kg on Friday morning which was between Tk 90 and 100 in the previous week. Besides, local variety onion was sold for Tk 200 per kg in the morning.
The ban was effective on Friday afternoon and market scenario changed within 12 hours. In the evening, Indian Onion was being sold at Tk 150 per kg and local variety onion at Tk 200-210 per kg.
Zahidul Islam, a government employee, said he came to a market after learning about the export ban and paid Tk 150 for per kilogram of onion.
Shahidul Islam, an onion trader, said the price of imported onion is higher as the importers imported onion at high price. However, the recent announcement of India restricting export also make the onion market unstable.
He hoped that when the local variety onions will come to market in 15 days, the prices of onion will drop.
A large area of onion fields has been devastated by the recent rains, according to Rakib Mia, another onion trader and this will have an effect on the price.
India banned the export of onions to other countries effective from December 8, said a notification issued by the Indian Ministry of Commerce and Industry on Friday.
Earlier on August 20, the Revenue Department of the Indian Finance Ministry imposed a 40 percent duty on onion exports to Bangladesh, causing a hike in the price of the item mainly used as spice in local markets.
Later, the Indian government set a Minimum Export Price (MEP) of USD 800 per tonne on a free-on-board basis for the export of onions with effect from October 29.