Onion Exports Decline After India Lifts Ban

ENA Sectors 2024-05-15 15:25:22 New Delhi, May 15 (KNN) Though India reversed its ban on onion exports just 10 days ago, export demand has already dried up. Indian onions are now more expensive than those from Pakistan, hindering sales to overseas buyers. The subdued exports have caused domestic onion prices in India to drop by over 15 per cent in the last week alone. Exporters don't expect demand to rebound for another 15 days at least. Most buyers from traditional markets like Malaysia, Sri Lanka, the UK and the UAE had stocked up on higher-priced onions from Pakistan when Indian supplies were banned, explained one exporter from Nashik. They didn't expect India to lift the export ban until after the elections. India's re-entry into the international market caused onion prices to crash by over 50 per cent in just a week. However, the government has set a minimum export price of USD 550 per tonne and imposed a 40 per cent export duty. At these rates, Indian onions have become significantly more expensive than Pakistan's crop. The USD 40-45 per kg price difference is too big for any consumer, the Nashik exporter said. It's difficult to get export orders at this premium , reported ET. India's surprise move to resume onion exports has upended global supply and pricing in the short term. As overseas buyers work through their Pakistani inventories, Indian exporters may have to wait weeks for demand and prices to stabilise. (KNN Bureau) 37819 https://knnindia.co.in/news/newsdetails/sectors/onion-exports-decline-after-india-lifts-ban 2024-05-15 15:25:22 knnindia.co.in Onion Exports Decline After India Lifts Ban