Yesterday, wholesale and retail onion prices in Bangladesh increased as a result of India’s minimum export price of $800 per tonne. India resolved on Saturday to impose the floor price on onion exports in an effort to discourage outbound shipments and maintain domestic market stability.
According to market participants, the decision will increase the pressure on Bangladeshi consumers, whose purchasing power has declined significantly over the past year due to rising inflation. According to an announcement from India’s Directorate General of Foreign Trade, the minimum export price will remain in effect until December 31, this year. As a result, the wholesale price of locally grown onions has increased by an average of Tk 10 per kilogram, while the wholesale price of imported onions has increased by Tk 10 to Tk 15. The general secretary of the Shyambazar Onion Wholesalers Association, Mohammad Abdul Mazed, stated that he is now selling Indian onions for Tk 100 to Tk 110 per kilogram, up from Tk 90 to Tk 95 on Saturday.