Low prices send Indian onion exports skyrocketing
Officials said this was suppose to stabilize wholesale prices in the state, one of largest producers of onions, but even these record exports have not had any impact to pricing, which continues to nosedive.
Onions continue to fetch Rs380-460 per quintal, as against the production cost of Rs 950 per quintal at the Lasalgaon AMPC market, Asia's largest onion market yard. Compared to last year, there has been over-production of 25 lakh metric tonnes of onions.
Although only about 10% onions grown in the country have been exported, the figure is important to keep price parity in wholesale markets.
Exporters said the central government's decision of giving a 6% export subsidy helped push some of the produce out of India.
1 INR = 0.0149776 USD
source: timesofindia.indiatimes.com
