Hike in onion prices worries consumers

Consumers have expressed concern over a possible hike in onion price ahead of Eid-ul-Azha. They fear traders may manipulate the price if the government does not take immediate steps. Currently, farmers are producing around 14 lakh tonnes of onions against the annual demand of 22 lakh tonnes. The shortfall is met through import either from India or other countries. Local onions are currently being sold for Tk. 70 per kg, while the imported ones are being sold for Tk. 70 to Tk. 75 in the kitchen markets. Following the Indian government’s move to restrict onion exports to boost its domestic supply, the price of onion in Bangladesh has increased sharply. The Indian government has almost doubled the onion price to USD 450 per tonne from USD 245 per tonne recently. As the traders have lost interest in importing onions from India, the price of onion has soared within a month to Tk. 75 per kg from Tk. 25-30. They have started importing onions from Myanmar through the Teknaf land port in after three months. Around 125 tonnes of onions reached Cox's Bazar through the land port yesterday, Anwar Hossain, deputy manager of the port, told The Independent. In reply to a query, Anwar Hossain said the traders had imported only 76 tonnes of onions in May and 32 tonnes in February. “We've learnt that 1,500 tonnes more onions will be imported through this port from Myanmar ahead of Eid-ul-Azha,” he added. He also said the traders are importing onions from Myanmar because those are less expensive.
“The government must intervene  to keep the prices of onion and other spices stable before Eid-ul-Azha,” said Mohammad Iqbal Hossain, a consumer from Mirpur-1. According to the Mandalay trade promotion department of Myanmar, onion growers in Myanmar have suffered a sharp drop in export—35,350 tonnes in 2014-15 from 58,515 tonnes in 2013-14.
Myanmar produces 1 million tonnes of onion a year against an annual demand of just 600,000 tonnes. The government has planned to import onions through the Trading Corporation of Bangladesh (TCB) from Myanmar and Nepal to control the onion price. On August 5, TCB officials held a meeting with traders, importers and stockists of Cox’s Bazar area, and customs and Teknaf land port authorities, regarding the price of spices and onion imports. A senior TIB officials said the trading corporation is ready to import onions from Myanmar and Nepal if there is any market demand. Mohammad Ilias, proprietor of Runa Banijyaloy in Shyambazar Krishi market, said they have been getting small quantities of Indian onions over the past few days due to a hike in import prices. "Large quantities of onions are needed to stable the market price. Otherwise, the consumers have to pay more," he added.

 

 

Hike in onion prices worries consumers

Consumers have expressed concern over a possible hike in onion price ahead of Eid-ul-Azha. They fear traders may manipulate the price if the government does not take immediate steps. Currently, farmers are producing around 14 lakh tonnes of onions against the annual demand of 22 lakh tonnes. The shortfall is met through import either from India or other countries. Local onions are currently being sold for Tk. 70 per kg, while the imported ones are being sold for Tk. 70 to Tk. 75 in the kitchen markets. Following the Indian governments move to restrict onion exports to boost its domestic supply, the price of onion in Bangladesh has increased sharply. The Indian government has almost doubled the onion price to USD 450 per tonne from USD 245 per tonne recently. As the traders have lost interest in importing onions from India, the price of onion has soared within a month to Tk. 75 per kg from Tk. 25-30. They have started importing onions from Myanmar through the Teknaf land port in after three months. Around 125 tonnes of onions reached Coxs Bazar through the land port yesterday, Anwar Hossain, deputy manager of the port, told The Independent. In reply to a query, Anwar Hossain said the traders had imported only 76 tonnes of onions in May and 32 tonnes in February. Weve learnt that 1,500 tonnes more onions will be imported through this port from Myanmar ahead of Eid-ul-Azha, he added. He also said the traders are importing onions from Myanmar because those are less expensive. The government must intervene to keep the prices of onion and other spices stable before Eid-ul-Azha, said Mohammad Iqbal Hossain, a consumer from Mirpur-1. According to the Mandalay trade promotion department of Myanmar, onion growers in Myanmar have suffered a sharp drop in export35,350 tonnes in 2014-15 from 58,515 tonnes in 2013-14. Myanmar produces 1 million tonnes of onion a year against an annual demand of just 600,000 tonnes. The government has planned to import onions through the Trading Corporation of Bangladesh (TCB) from Myanmar and Nepal to control the onion price. On August 5, TCB officials held a meeting with traders, importers and stockists of Coxs Bazar area, and customs and Teknaf land port authorities, regarding the price of spices and onion imports. A senior TIB officials said the trading corporation is ready to import onions from Myanmar and Nepal if there is any market demand. Mohammad Ilias, proprietor of Runa Banijyaloy in Shyambazar Krishi market, said they have been getting small quantities of Indian onions over the past few days due to a hike in import prices. Large quantities of onions are needed to stable the market price. Otherwise, the consumers have to pay more, he added.