Finance
Onion imports India allows export of onions after three and a half months
Dhaka, December 29: India stopped onion exports on the pretext of crisis in the domestic market and rising prices. three and a half months later, the Indian government has again allowed the export of onions to Bangladesh. They have announced to export onions from January 1 without any pricing.
The matter was announced in a circular signed by India's Director General of Foreign Trade Amit Yadav on Monday (December 26th) night. On the same night, the Indian exporters informed the Bangladeshi importers about the export of onion with a copy of the notification.
Mubarak Hossain, an importer at the Healy land port, and Mahbub Hossain, a C&F agent, said: "At the same time, it has been informed that no price has been fixed for onion exports. The onions will be exported from January 1, they said. Now we are preparing to open LC for onion import. We will open LC from the banks after completing all the related processes including opening IP."
Since there is no minimum price for onion exports, importers will be able to import at the purchase price. However, LCs will be opened at USD 200 to USD 250 per tonne of onion, he said.
Meanwhile, the instability created in the Bangladeshi market due to the suspension of onion exports from India, now that it has been allowed, the price will return to the previous level.
Incidentally, on September 14, India stopped exporting onions to Bangladesh on the pretext of crisis in the domestic market and rising prices. As a result, 250 onion trucks got stuck in India waiting to enter Bangladesh. More than 10 thousand tons of LC onions were trapped.
Five days later, on September 19, they exported 248 tonnes of onions in 11 tendered trucks subject to permission, most of which rotted, causing huge financial losses to importers. However, since then, local traders have been pressuring Indian traders to export LC onions.
