India lifts ban on onion exports
Image: Collected
India on Monday made a decision to lift up ban on onion exports from January 1, 2021 due to the price of that witnessed a good sharp fall found in the country.
Relating to a notification issued by India’s Directorate General of Overseas Trade, the export of most varieties of onions possesses been made clear of January, 2021.
The DGFT, an arm of the commerce ministry, handles exports and imports-related issues.
India offers lifted the export ban on onion at the same time when the harvesting of the crop comes with were only available in Bangladesh and rates of the commodity have decreased on the local market.
Indian government in September 14 prohibited export of all types of onion amid the price spiral of the commodity on Bangladesh.
Although Bangladesh may be the important export destination of Indian onion and in addition India is the main source of that for Bangladesh, the government of India stopped onion export without any prior notice.
The costs of onion in Bangladesh marketplaces improved up to Tk 120 a kilogram with the abrupt export ban imposition by the India on the fundamental commodity.
The government immediately withdrew 5 % import duty on onion to ensure obtainable supply with affordable prices through importing that from alternative destinations.
Indian media reported that the federal government on Monday made a decision to lift ban on onion exports from January 1, as prices have fallen sharply in the last few weeks in expectations of a major crop.
The federal government had banned export of onions in September to preserve domestic supplies after flooding in a number of states worsened seasonal shortages, resulting in a spike in native prices.
India may be the world’s biggest exporter of onions, a staple of South Asian food preparation. Countries such as for example Bangladesh, Nepal, Malaysia and Sri Lanka depend on Indian shipments, the days of India, reports.
Earlier, India also had imposed sudden export ban over onion in September 2019 and the price tag on the item skyrocketed to Tk 280 a kg on the Bangladesh market.
India had lifted the ban in March 2020 when Bangladesh’s production started striking the marketplace in full swing.
The Bangladesh Trade and Tariff Commission in March suggested that the federal government should impose 30-35 % regulatory duty on onion imports to ensure a good price for local famers as India opens exports during the harvesting of the crop.
The cost of onion started to reduction in last few weeks on the neighborhood market.
Based on the Trading Company of Bangladesh, the cost of onion decreased by 8.70 % in the last seven days and the neighborhood variety sold for Tk 45-60 a kg while imported item for Tk 30-40 a kg on the markets in the capital, Dhaka, on Tuesday.
Source: https://www.newagebd.net
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