W24: Onion Update

In W24 in the onion landscape, it was reported that the locally grown onion prices in Bangladeshi markets have dropped due to imported onions from India, causing relief for consumers but some argue further price cuts are necessary. Imported Indian onions are now half the price of local onions in the Bangladesh market, attracting buyers after a two-month wait. Depending on the type, the wholesale price of Indian onions stood at USD 0.32- (BDT 35-36/kg), and retail prices of Indian onions stood at USD 0.37/kg (BDT 40/kg). Local onion prices have increased by 0.092/kg, with Indore and Nashik varieties prominently displayed in Hili Bazar shops. Further, in India, Maharashtra State Onion Growers Association addresses the financial crisis faced by Indian onion farmers, focusing on unseasonal rain, fluctuating weather, damaged yields, and low crop prices. Uzbekistan's onion wholesale prices have declined by 44% for the third consecutive week from USD 0.39/kg to USD 0.22/kg, with the sharpest drop in the past week. It is due to decreased demand in foreign markets and sufficient domestic supply. In the Philippines, three House of Representatives members propose an onion competitiveness enhancement fund (OCEF) for the Philippine onion industry to support local farmers and improve production efficiency. The fund aims to drive growth and development in the onion sector, with proceeds from tariffs allocated for programs like equipment, production technology, and market information dissemination

The Department of Commerce, Supplies, and Consumer Protection (DoCSCP) in Nepal has issued a warning to traders involved in the black market for onions. They are urging for strict action to be taken against those who artificially inflate prices. The notice warns of legal action under the Consumer Protection Act 2018. Unscrupulous traders have caused artificial shortages in the local market, leading to a significant price surge for onions. In Ukraine, early onion prices are declining due to a higher supply from mass harvesting. Producers are now selling early onions for USD 0.89-1.03/kg (UAH 33-38/kg), which is a 14% WoW drop. It was reported that the Dutch exporters successfully managed their onion sales in mid-May 2023, with 15,186 tons and 13,385 tons of onions sold in W19 and W20, respectively. Dutch onion exporters achieved sales of over 1.08 million tons internationally, representing a slight increase of just over 10% compared to last year's record.