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Tuesday, April 23, 2024

The government authorizes 0.3 MT of onion exports to certain nations

<p>In response to requests from these nations, the government has authorized the shipment of almost 0.3 million tonnes of onions to Bhutan, Bangladesh, Sri Lanka, and Mauritius on a government-to-government basis.</p>
<p><img decoding=”async” class=”alignnone wp-image-422258″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-following-stocks-are-worth-keeping-an-eye-on-godrej-consumer-lti-mindtree-torr-1-750×422.jpg” alt=”theindiaprint.com the following stocks are worth keeping an eye on godrej consumer lti mindtree torr 1″ width=”1077″ height=”606″ title=”The government authorizes 0.3 MT of onion exports to certain nations 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-following-stocks-are-worth-keeping-an-eye-on-godrej-consumer-lti-mindtree-torr-1-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-following-stocks-are-worth-keeping-an-eye-on-godrej-consumer-lti-mindtree-torr-1-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-following-stocks-are-worth-keeping-an-eye-on-godrej-consumer-lti-mindtree-torr-1-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-following-stocks-are-worth-keeping-an-eye-on-godrej-consumer-lti-mindtree-torr-1-150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-following-stocks-are-worth-keeping-an-eye-on-godrej-consumer-lti-mindtree-torr-1.jpg 1024w” sizes=”(max-width: 1077px) 100vw, 1077px” /></p>
<p>According to sources, a formal announcement is anticipated shortly. It’s expected that the cargo will be completed by March 31, 2024.</p>
<p>A top official informed FE that the export prohibition on onions, which was put in place in December 2023, would not be completely lifted. Shipments would instead be permitted under certain “terms and conditions.”</p>
<p>Due to the steep decline in mandi prices, farmer organizations have been calling for the complete removal of the prohibition on onion exports, claiming that the amount of allowed exports is insufficient to raise prices on the local market.</p>
<p>The modal wholesale pricing of onions fell to Rs 2000/quintal on Monday from the Rs 5000/quintal that was the norm on December 8, 2023, when the export restriction was declared, according to the department of consumer affairs.</p>
<p>Retail modal costs, which were Rs 60/kg in December of last year, have now dropped to Rs 20/kg.</p>
<p>According to sources, a team of authorities evaluated the onion inventories after visiting important onion-growing areas, and they discovered that there is now enough supply of the vegetable to match demand for the next two months.</p>
<p>An official said that the rabi crop, which makes up around 60% of the overall production and is kept for supply until October, is expected to peak in April.</p>
<p>In January 2024, the retail price of onions increased by 29.59% year over year. Key kitchen basic costs increased by 74.17% year over year in December.</p>
<p>Following the announcement that the median retail prices of the important agricultural commodity had quadrupled to Rs 60/kg from Rs 30/kg three months before, the government prohibited the export of onions until March 31, 2024, in December 2023.</p>
<p>In October 2023, the government set the minimum export price (MEP) for onions at $800/tonne, or Rs 67/kg, with the goal of discouraging exports and enhancing local supply.</p>
<p>In August of last year, the government had already levied an export tariff of 40% on onions.</p>
<p>India exported over 1.6 million tonnes (MT) of onions during the current fiscal year, mostly to Bangladesh, Malaysia, the United Arab Emirates, Sri Lanka, and Nepal.</p>
<p>In 2022–2023, India exported a record 2.5 MT of onions, a 65% increase over the previous fiscal year.</p>
<p>Since January 2021, there hasn’t been an export restriction on onions. Exports of onions have not been prohibited by the government since 2021, although this was customary a few years before.</p>
<p>The projected onion yield for the 2022–2023 crop year (July–June) is around 31.8 MT, compared to the 31.7 MT recorded in the preceding year.</p>

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