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Indian agricultural commodity valuation agency NAPED on Monday (September 14) sharply increased the export price of onions to £ 650, hitting the port of Benapole. Traders will have to import onions at £ 650 per metric ton from Monday without notice, even though they used to export at £ 350 per metric ton. If the onions are to be imported from India, then the above LCs will have to increase the price (amendment) to import onions. More than 150 onion trucks and three onion trains with 42 wagons are stuck in the port of Petrapol opposite the port of Benapole due to the suspension of onion exports from India.
The Indian Onion Exporters Association (IOEA) suspended onion exports through all ports in the country on Monday after 50 metric tons of onions entered the Benapole port on Monday morning. Indian traders claim that the price of onion imports has doubled to stop onion exports to Bangladesh due to the onion crisis in the local Indian market.
However, Bangladeshi traders complain that India always does this during the onion season. The government of India does this not only for onions but for all foods.
This has affected the domestic market after the importation of onions from India was stopped. The Indian onion, which was selling for Rs 50 on Monday, is selling for Rs 80-75 as of Tuesday morning. Buyers say that even though there are enough onions in the country due to lack of market monitoring, stockists are syndicating and selling at additional prices.
Unlike Benapole, Bappa Majumder, owner of the Maa Saraswati Agency, an exporter to the Indian port of Petrapole, said the floods have raised the price of onions in India. Previously, there was no ban on onion exports, so the price of onions in the Indian market has gone up even more. Now, to keep the market price of onion tolerable, the government of India, the agricultural commodity pricing agency, has increased the export price of the nape.
Rafiqul Islam Royal, owner of Royal Enterprise, a C&F agent in Benapole, said that the Indian government had doubled the export price as a strategy to stop onion exports to Bangladesh. If this continues, the price of onion will continue to rise in the country. However, if the government of that country changes its decision, the market price will return to the previous place. Most of the demand in Bangladesh is met by onions imported from India. The increase in import prices will have an impact on the country’s market. He said that traders would not be able to make a profit importing onions into the new LC due to rising prices.
Benapole Land Port Deputy Director (Traffic) Mamun Kabir Tarafdar said no onions were imported from India for two days today due to rising prices in India. The LCs of many Bangladeshi importers are with Indian exporters. It is unknown at this time what he will do after leaving office.
Meanwhile, a mobile court in Benapole has fined three warehouse traders Taka 30,000 for overcharging onions. The mobile court was held in the Benapole commodity market area on Tuesday morning under the leadership of Sharsha Upazila, Deputy Commissioner (Land) and Executive Magistrate.
Shukur Ali, owner of Mim Commerce Store, was fined Tk 10,000, Suruj Mia, owner of Meherab Store, was fined Tk 15,000 and Sabur Khan, owner of Sabur Commercial Store, was fined Tk 5,000. The Benapole port police and the market committee leaders were present at the time.
Sharsha Upazila Deputy Commissioner (Lands) and Executive Magistrate Rasna Sharmin Mithi said the announcement to halt Indian onion exports was based on reports that unscrupulous traders in Benapole Bazar were selling onions at higher prices. Market monitoring instructions were given to the presidents and municipal sanitary inspectors of all unions in Sharsha upazila (to keep the onion price in the state). She said the operation of the mobile court would continue.
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