Chittagong, Sep 30 (BAN/ AD): As India has banned onion exports fear of price rise has struck consumers. Commerce Secretary Jafar Uddin has assured that “There is nothing to be worried about India’s ban. We have adequate stock”. A top trade official has commented that India’s ban on onion export will not affect the local market as the country has sufficient stock.
Commerce secretary has said “I don’t see any possibility of instability in local market. What we need is coordinated efforts to strongly monitor the market to ensure smooth supply and check price manipulation.”
India is the second largest onion producer and exporter in the world after China. Onion prices have risen in last few days in many cities. India had withdrawn 10% incentive for onion export in June. The ban has sent waves of panic in Bangladesh as the essential cooking commodity will be costlier.
Bangladesh has higher consumption of onion than domestic production hence it has to resort to imports. According to Bangladesh Bureau of Statistics, the country’s onion production in 2016-17 fiscal year was 1.86 million tons against the demand for 2.4 million tons.