India reduces onion export price
Monday, 26 November 2007
NEW DELHI, Nov 24 (PTI): National Agricultural Cooperative Marketing Federation of India (NAFED), leading nodal agency for onion exports, has reduced the minimum export price by 70 dollars to an average of $ 425 a tonne recently.
"We have reduced the minimum export price (MEP) of onion by 70 dollars a tonne for only the Nasik varieties." a NAFED official said, adding that the decision was taken as domestic prices have softened.
However, the MEPs of other varieties, which command lower rates than the Nasik onions, have not been changed, he said.
After the downward revision, the MEP stood in the range of 375-495 dollars a tonne, depending on the countries to which onions are exported, the official added.
The wholesale price of the bulb at mandis in Nasik declined to Rs 611 per quintal today from Rs 751 a quintal yesterday.
In Delhi's Azadpur wholesale market, onion prices dipped to Rs 760 per quintal from Rs 800 per quintal, traders said.
NAFED and 12 other state-trading agencies, notified by the government to undertake onion export, decide MEP every month. Last month, the MEP was hiked by $ 50 to $ 445-565 a tonne, depending on the export destinations.
The government had last week also removed the requirement of 'export licence' for overseas sale of onions. Both these measures are expected to boost the export of the bulb.
"We have reduced the minimum export price (MEP) of onion by 70 dollars a tonne for only the Nasik varieties." a NAFED official said, adding that the decision was taken as domestic prices have softened.
However, the MEPs of other varieties, which command lower rates than the Nasik onions, have not been changed, he said.
After the downward revision, the MEP stood in the range of 375-495 dollars a tonne, depending on the countries to which onions are exported, the official added.
The wholesale price of the bulb at mandis in Nasik declined to Rs 611 per quintal today from Rs 751 a quintal yesterday.
In Delhi's Azadpur wholesale market, onion prices dipped to Rs 760 per quintal from Rs 800 per quintal, traders said.
NAFED and 12 other state-trading agencies, notified by the government to undertake onion export, decide MEP every month. Last month, the MEP was hiked by $ 50 to $ 445-565 a tonne, depending on the export destinations.
The government had last week also removed the requirement of 'export licence' for overseas sale of onions. Both these measures are expected to boost the export of the bulb.