India reduces MEP of onion by $50 a tonne
Tuesday, 2 November 2010
FE Report
The Indian government has reduced the minimum export price (MEP) of onion by $50 and set it to $375 per tonne for November, according to Expressindia website.
This will have a positive impact on Bangladeshi market during the Eid-ul-Azha festival, when large-scale onion consummation will take place, said a trader at Shayambazar.
Onion is traded at Tk 30-35 per kg at the local markets, according to TCB website.
Its price is likely to fall in the coming months, as onion harvesting will begin in the country from January, the trader said.
Onion harvesting has already begun in India, and its output (including Kharif and Rabi seasons) is pegged at around 13.0 million tonnes in 2010-11.
India exports onion to Bangladesh, West Asia, Singapore and Malaysia.
The Indian government has reduced the minimum export price (MEP) of onion by $50 and set it to $375 per tonne for November, according to Expressindia website.
This will have a positive impact on Bangladeshi market during the Eid-ul-Azha festival, when large-scale onion consummation will take place, said a trader at Shayambazar.
Onion is traded at Tk 30-35 per kg at the local markets, according to TCB website.
Its price is likely to fall in the coming months, as onion harvesting will begin in the country from January, the trader said.
Onion harvesting has already begun in India, and its output (including Kharif and Rabi seasons) is pegged at around 13.0 million tonnes in 2010-11.
India exports onion to Bangladesh, West Asia, Singapore and Malaysia.