India has reduced the export price of onions by $100 per ton, lowering it from $405 to $305, effective January 6, to boost exports. Previously, the high price of Indian onions significantly reduced demand in Bangladesh, causing substantial losses for importers. At $405 per ton, Indian onions were less competitive, especially as local supplies increased. The price cut aims to make Indian onions more affordable in the Bangladeshi market, reducing the cost of opening a letter of credit (LC) by about 4 lakh taka per truck. This adjustment seeks to revitalize demand, balance market dynamics, and ensure both consumer affordability and farmer profitability in light of the changing trade conditions.
India has lowered the minimum export price of onions to increase onion exports. Previously, the minimum export price per ton of onions was set at $405, but it has now been reduced to $305. This new export price will be effective in the country from today, Monday (January 6), according to relevant sources.
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