Bangladesh has started allowing trucks laden with over 4,500 tons of onions from Maharashtra and Madhya Pradesh, previously halted at Petrapole land port near the West Bengal border, to cross into its territory.
This development comes after disruptions caused by protests in Bangladesh, which had impacted cross-border trade. Exporters, while now proceeding with the shipments, remain cautious about new consignments to Bangladesh, opting to wait for the stabilization of the situation.
Despite recent challenges, Bangladesh remains a key market for Indian onions, accounting for 45% of India's total onion exports of 1.6 million tons in FY24. Following the lifting of an export ban in May, the Indian government has implemented a minimum export price of $550 per ton, along with a 40% export duty on staple vegetables.
India's export portfolio to Bangladesh also includes chillies, grapes, oranges, wheat, cotton, pulses, among others. On the domestic front, the Indian government has procured nearly 0.46 million tons of onions at market prices for buffer stock, aiming for a target of 0.5 million tons, at prices significantly higher than those in FY24. The procurement price for the current fiscal year stands at Rs.2,833 per 100 kg, a 64% increase from the previous fiscal year's price of Rs.1,724 per 100 kg.
[ Rs 100 = €1.10 ]
Source: financialexpress.com