In an effort to monitor pricing and boost supply at local markets, India has decided to prolong its export ban on onions for an additional three months.
The restriction, which sets a minimum export price (MEP) of USD 800 per tonne, will be in effect until March 31, 2024, according to a notice released on Thursday by the directorate general of international trade.
On October 29, India put restrictions on onion exports, raising the MEP to USD 800 per tonne in response to rising local costs. This year’s ban was in effect until December 31.
As per the earlier notification, exporting any quantity of onions to any nation at an MEP of USD 800, exclusive of freight and insurance costs, is not prohibited.
According to the local publication The Economic Times, the goal of this move is to increase the availability of onions in domestic markets and manage their costs.
The retail price of onions rose by 94.39 percent year over year to Rs. 58.85 a kg in November from Rs. 29.76 a kg in the same month the previous year, according to government data.
