A total quantity of 2.60 lakh tons of onion had been exported in current financial year 2024-25 as of July 31, 2024, said Minister of State for the Ministry of Consumer Affairs BL Verma on Wednesday.
In a written reply today in the Lok Sabha, he said the government has lifted the onion export prohibition from 4th May, 2024 and has allowed the export with minimum export price of (MEP) of USD 550 per MT and export duty of 40 per cent.
Further, the Government had procured 4.68 lakh tons, majorly from Maharashtra, through NCCF and NAFED for the price stabilisation buffer. In comparison with last year (2023), the price realisation by onion farmers in current year has been much higher.
The average monthly mandi modal prices of onion in Maharashtra between April and July, 2024 were in the range of Rs 1,230 to Rs.2,578 per quintal as against Rs 693 to Rs 1,205 per quintal for corresponding period last year, the MoS told.
The average procurement price of onion for the buffer in current year was Rs.2,833 per quintal which is 64% higher than the procurement price of Rs.1,724 per quintal last year.
India is a net exporter of onion and earns income from the export. The net export value earned by India for each of the last three years were Rs 3,326.99 crore in 2021-22, Rs 4,525.91 crore in 2022-23 and Rs 3,513.22 crore in 2023-24.
Amid the political turmoil going on in Bangladesh, onion exporters in India are a worried. Onion exports to Bangladesh were already on a slide due to steep export duty and MEP, eroding share in a market which used to account for almost 24% of India’s onion exports.
Bangladesh, before India’s ban on onion exports kicked in last year, used to import 6-7 lakh tonnes of the blub annually from India.
India annually exports 25-26 lakh tonnes of the bulb globally.