Government Restricts Onion Exports Amid Surging Local Prices

Web DeskJanuary 13, 2024
Government Restricts Onion Exports Amid Surging Local Prices

In an effort to control escalating local prices, the Ministry of Commerce has promptly implemented the Minimum Export Price (MEP) for onions.

The ministry has fixed the MEP for onions and shallots at $1200 per metric ton at freight on board (FOB). Additionally, the export of onions will only be permitted under Advance Payment terms, according to the notification issued by the ministry.

Also Read: Weekly Inflation Surges Over 44% Amid Soaring Gas and Food Costs

It’s worth noting that local onion prices have surged, surpassing Rs. 240 per kg. This surge is attributed to increased buying by exporters, prompted by India’s restriction on onion exports until March 2024.

Retailers indicate that exporters are actively purchasing even the limited supply of Iranian and Kabul onions to meet the substantial export demand.

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