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Onion Prices Jump by Over 50% in Bangladesh After India Bans Exports

Image for illustration. (Photo: Reuters)

Now, Bangladesh is popping to different nations for provides, Commerce Secretary Mohammad Jafar Uddin mentioned.

  • Reuters DHAKA
  • Last Updated: September 15, 2020, 1:34 PM IST


Onion costs in Bangladesh jumped by greater than 50% on Tuesday, following a ban on exports by largest provider India after its crop was broken and harvesting delayed by extreme rain, business officers informed Reuters.

The shock transfer, which took fast impact on Monday, may assist reduce costs in India, however enhance costs in Asian nations akin to Malaysia, Nepal and Sri Lanka, other than Bangladesh, since they depend on Indian shipments.

“What will we eat now?” requested Dhaka garment employee Munna Khan, who was laid off from his job in March after the coronavirus outbreak shuttered many companies, hitting incomes for a lot of, whereas driving up the costs of commodities.

“Prices of all items went up when we have no income.”

Retail costs of the basis vegetable, a staple of subcontinental delicacies, jumped in Dhaka to 90 taka to 100 taka ($1.06 to $1.18) per kg on Tuesday, from 60 taka on Monday and 30 taka firstly of the month.

“Many trucks are standing on the Indian side with onions,” mentioned dealer Saiful Islam. “Now we are wondering what will happen to those supplies.”

India is the largest provider of onions to neighbouring Bangladesh, which buys a yearly common of greater than 350,000 tonnes. Onion costs in Bangladesh had jumped to a file 250 taka in 2019 after an analogous Indian ban compelled the federal government to fly in onions.

Now, Bangladesh is popping to different nations for provides, Commerce Secretary Mohammad Jafar Uddin mentioned.

“Our target is to import onions in the shortest possible time,” he added. “The government is importing 100,000 tonnes of onions from Turkey and other countries.”

Dhaka sparked a rush by many poor folks this week, when it provided onions at a subsidised charge of 30 taka a kilo, though some have been left empty-handed on Tuesday, when provides ran out.

In India, costs have tripled in a month to 30 rupees a kg because the summer-sown onion crop within the southern states of Karnataka and Andhra Pradesh was broken by extreme rainfall, merchants mentioned.

India’s key onion-producing states have obtained as a lot as 41% extra rainfall than regular because the monsoon season started on June 1.

“Supplies from the new crop have been delayed by nearly a month,” mentioned Ajit Shah, president of the Mumbai-based Onion Exporters’ Association.

“Prices could remain firm in the short term.”

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