Onion price to come down soon: Commerce Ministry
The Commerce Ministry has said that big consignments of onions from a number of countries will enter the country within the next couple of days to cool down its market price.
Some big importers are importing onions in huge consignments from Egypt and Turkey, according to a statement of the ministry.
It also said that Bangladesh has also started importing onions from neighbouring Myanmar as an alternative source to keep its price stable in the domestic market with adequate supply amid India’s export ban on the essential kitchen item.
Bangladesh is importing onions from Myanmar in two ways – by opening LC and border trade, said the Commerce Ministry.
Businesspeople were asked to increase their import volumes and do business maintaining business ethics.
Moreover, it is expected that new onions will hit the domestic market from the third week of November.
Analysing all the aspects, the Commerce Ministry said, it appears that there is adequate supply of onions in the market. Imported onions are arriving every day.
“Consumers don’t need to get panicked. Onion price will soon become normal as big consignments will arrive within a couple of days,” it said.
On September 29, the Indian government banned the export of onions with immediate effect till further orders for what it says improving domestic availability.
Bangladesh used to import onions from India mainly due to low price and smooth transportation system.
But onion production in India was hampered due to floods in Indian State Maharashtra and other places prompting India to impose ban on onion export.