The price of onions has skyrocketed in India’s neighboring countries as India banned onion exports. Markets in Bangladesh, Nepal, Bhutan, Sri Lanka and the Maldives have reported steep price hikes in wake of the ban, that will last until March 31, 2024.
India had introduced a minimum export price of $800 per ton on onion exports on October 28 this year. The extension of the curbs on onion export in the form of a total ban has come three weeks ahead of the expiry of the earlier deadline.
Onion prices in Bangladesh experienced a significant spike, reaching Tk 200 per kilogram (€1.68), a stark increase from Tk 130 (€1.09) in a single day. The surge is attributed to India’s decision to extend the ban on onion exports until March, a move aimed at controlling domestic supply.
Onion prices in Bhutan also followed a similar pattern. Nepal, relying almost entirely on India for its onion imports, is also facing inflationary pressure in wake of India’s ban. In the last fiscal year, Nepal imported around 190 tons of onions from India
Source: thewire.in