NEW DELHI – India has restricted export of onions by imposing a minimum export price of US$800 (RM3,822) per tonne.
The fixed floor price came into effect today and will be maintained until the end of the year, according to a Consumer Affairs Ministry statement.
“The measure was taken to maintain sufficient availability of onion to domestic consumers at affordable prices as the quantity of stored onion from the 2023 crop season is declining,” it said.
The government is also procuring an additional 200,000 tonnes of onion to boost its buffer stocks.
It has been offloading onion from the buffer since the second week of August to keep retail prices under control.
India imposed a 40% export duty on onions in August.
Onion prices in the Delhi region have risen by up to 50% in recent days and are expected to soar more than 40% next month from the current levels, according to local media reports. – October 29, 2023