This move comes as part of India’s approval of a total of 79,150 tonnes of onions for export, despite the ban imposed on shipments last December. Among these, 14,400 tonnes were sanctioned for export to the UAE on 1 March
As the Eid festival approaches, India has given the green light for an additional 10,000 tonnes of onions to be exported to the UAE through the National Cooperative Exports Ltd (NCEL), announced the Directorate General of Foreign Trade on Tuesday night.
This move comes as part of India’s approval of a total of 79,150 tonnes of onions for export, despite the ban imposed on shipments last December. Among these, 14,400 tonnes were sanctioned for export to the UAE on 1 March.
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Responding to escalating onion prices, the central government has been releasing onions from its buffer stock. For the 2023-24 season, the government had decided to maintain a buffer stock of 300,000 tonnes, an increase from the previous year’s 251,000 tonnes
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Moreover, onion procurement for the 2024-25 rabi season commenced earlier than usual, with aims to procure 500,000 tonnes during this period
The decision to restrict onion exports during the 2023-24 financial year stemmed from global supply shortages exacerbated by the El Niño weather phenomenon, leading to a dry spell. Initially, the government banned onion exports on 8 December 2023 until 31 March 2024, a restriction which has since been extended indefinitely.
However, the latest notification from the DGFT outlines that export of onions will be permitted based on requests from countries, subject to approval by the central government.
In efforts to stabilize onion prices domestically, the government had imposed measures such as a minimum export price (MEP) of $800 per tonne from October 28 to December 31, 2023, and a 40% duty on exports until the end of the same period.
Responding to escalating onion prices, the central government has been releasing onions from its buffer stock. For the 2023-24 season, the government had decided to maintain a buffer stock of 300,000 tonnes, an increase from the previous year’s 251,000 tonnes. Moreover, onion procurement for the 2024-25 rabi season commenced earlier than usual, with aims to procure 500,000 tonnes during this period.
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