Onion price goes up in Bangladesh after India extends export restrictions

The price of onions in Bangladesh has surged by Tk20-25 per kg after India announced an extension of onion export restrictions – minimum export price at $800 and 40% export duties – until 31 March next year. India's decision, effective immediately, has been made to increase domestic availability and to keep prices in check, according to a notification issued by the Indian Ministry of Commerce and Industry on Thursday. The notification outlines three conditions under which consignments of onions can be exported. These include shipments where loading has begun before the notification, cases where shipping bills have been filed and vessels are already berthed or anchored for loading, and consignments that have been handed over to customs or entered customs stations for exportation before the notification. Retailers in Dhaka's Karwan Bazar attribute the price hike in local markets to a lack of adequate stock, with traders reportedly depleting their inventories due to concerns that ...