India cuts onion export rate

India cuts onion export rate

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India has cut the minimum export price of onions to $400 per tonne, reports NDTV.”On Onion — decision taken today to reduce the Minimum Export Price (MEP) of onions from USD 700 tonne to USD 400 a tonne,” Indian Commerce Minister Nirmala Sitharaman tweeted on Thursday, according to the report.In August this year, the country hiked the price of onions to $700 from $425 as prices in the country skyrocketed on lower output due to unseasonal rains.The hike also affected the market in Bangladesh, which has to import 300,000 tonnes of onions every year, mostly from India.The price of onions, however, has already been dropping in Bangladesh due to supplies of new production.According to the Trading Corporation of Bangladesh (TCB), local onions were being sold in Dhaka at Tk 60 to 61 per kg on Saturday.Price of imported onions have dropped to Tk 35 to 40 per kg from last month’s Tk 40 to 50.In the opinion of wholesaler Ratan Kumar Saha of Old Dhaka’s Moulavi Bazar, the prices of imported onions will decline further following the cut in price by India.

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