National Cooperative Export (NCEL) announces plans to export 1,650 tonnes of onions to Bangladesh, marking India’s first official onion export in over three months.
India breaks its three-month hiatus on onion exports as National Cooperative Export (NCEL) reveals intentions to export 1,650 tonnes of onions to Bangladesh at INR 29/kg. This move follows the government’s ban on exports from December 8 to March 31.
Amid concerns over surging domestic prices and smuggling activities, India relaxed restrictions in early March, allocating a quota of 64,400 tonnes for export. Of this, 50,000 tonnes are designated for Bangladesh, with the remainder headed to the UAE. The ban, aimed at stabilising domestic prices, led to international price hikes, particularly affecting markets like Bangladesh, West Asia, and Southeast Asia during Ramadan.
Despite undisclosed selling prices, NCEL anticipates significant profits, considering Bangladeshi market rates of INR 80-90/kg. With Maharashtra’s onion prices ranging from INR 7/kg to INR 16/kg, further declines are expected as fresh rabi harvests continue. Egypt and Turkey’s upcoming onion crops in May are projected to alleviate global shortages.
In the previous fiscal year, India exported 975,000 tonnes of onions, with Bangladesh, Malaysia, and the UAE among the top importers. Government restrictions, including minimum export prices and export duties, were imposed in October 2023 to stabilise onion prices.
