Bangladesh: India's export embargo sends onion prices soaring to Tk220 per kg

Published 2023년 12월 9일

Tridge summary

India's extension of its export embargo on onions has caused a sharp and rapid increase in prices in Bangladesh, with local onions now being sold at Tk220 per kg in the capital compared to Tk140 the day before. Authorities are working to restore prices to previous levels and have imposed fines on businesses for inflating onion prices. Bangladesh's import and production scenario as well as trade policies with alternative countries are contributing to the challenges surrounding the onion market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The price of onions in Bangladesh has nearly doubled overnight and keeps rising by the hour following news of India's extension of its export embargo on the essential commodity. On Saturday morning, local onions were being sold at Tk220 per kg in the capital, witnessing a surge from Tk140 the previous day. Meanwhile, imported and Indian onions rose to Tk200, up from Friday's range of Tk120-140. With an annual onion demand of around 7,600 tonnes daily (28 lakh tonnes annually) in the country, this abrupt Tk80-90 jump within a day translates to Tk60.80 crore in additional income for onion traders, including importers, wholesalers and retailers. However, authorities assert that the currently available onions are either domestically produced or arrived in the country before India imposed its export ban. AHM Shafiquzzaman, director general of the Directorate of National Consumers' Right Protection (DNCRP), said, "There is no justifiable reason for an overnight price surge and excessive ...

Source: TBS