Onion prices started rocketing again in Bangladesh as neighbouring India has slapped a ban on the export of the spice from Monday.
Onion prices, which already increased 54-74 per cent in Bangladesh over the last two and half weeks amid surge in import costs, started rising again from Monday evening at both retail and wholesale amid the ban.
Retail prices of onions increased to Tk 55-75 a kg until 8:00 pm on the day from Tk 50- 70 a kg in the morning.
Wholesale prices witnessed Tk 7.0-9.0 a kg rise until Monday evening, said traders.
Indian onion prices shot up to Tk 42-47 a kg and local Tk 52-57 a kg at wholesale like Shyambazar on the day until 8:00 pm.
Traders said India’s decision for stopping export like last years’ September could make onion market volatile in Bangladesh.
However, the Indian 'Directorate General of Foreign Trade' has issued a notification on September 14 ( Monday) for prohibiting export of all kinds of onion excepts Bengalore Rose and Krishnapuram varieties.
India’s Shiliguri based exporter Somnath Ghosh Dastider, told the FE that his country has taken the decision aiming to tackle price hike there.
He said retail prices already surged to Rupees 50-65 a kg in various Indian states.
Our Rangpur correspondent said Indian onion exporters have stopped exporting onion from Monday morning through Hilli land port in Dinajpur.
Nearly 150 trucks of onion were stuck up in Indian part, he added.
The Hilli Customs said they haven't got any official statement from Indian authority in this regard.
However, Hilli and Kurigram based importer Mohammad Yusuf, told the FE that Indian exporters have stopped export of the spice.
Imports through Benapole in Jashore and Bhomra in Satkhira have also come to a halt on the day, said sources.
Narayan Chandra Saha, a Shyambazar based trader in the city, said prices of both Indian and local varieties started increasing further from Monday evening.
