Overheated onion market likely to cool down in 2 weeks

The prices of onion, an essential kitchen vegetable, are expected to decline in the next two weeks with the arrival of new crops, which will relieve consumers.

Onion prices have reached their peak, with consumers buying it at 80 or 100 Tk due to recent flooding and reduced exports from neighboring India to maintain its stable internal market.

According to official and private sources, the onions produced during Robi 's season will be sufficient to meet the country' s demand throughout the year and the crisis will be over with the arrival of the new crop.

Onion demand in the country is in the range of 22 to 24 metric tons per year, while 18.66 metric tons were produced last year, or 1.31 tons. million more than the year before. In addition, 10.41 metric tons were imported.

Onion prices began to climb after the floods that hit the northern region of the country in August. Its price increased again at the end of September and mid-October. "It's the moment when onion prices remain high every year," said one official who does not wish to be named.

The rise in onion prices in neighboring India, the country's main source of onion, due to crop loss due to heavy rains, also had an impact on the Spiral price of onion in Bangladesh.

Sultan, an on-farmer from Rajshahi's Ishwardi upazila, told UNB that this year's production was healthy, which will be enough to cover their losses over the past two years.

He said this year that the cost of producing a kilogram of onion ranged between 20 and 22 taks, that he could sell to local wholesalers at 60 taka per kilogram, or even up to 39 to 65 takas they could sell it to wholesalers Dhaka directly.

Over the past two weeks, he said, they will be able to sell more of their stock, which will allow them to sell it at between 45-55 Tk, which will gradually lower the retail price.

According to the Department of Agricultural Extension, onions are produced in almost all districts of the country, but more commercially in Pabna, Faridpur, Kushtia and Rajshahi.

Faruk, an employee of the Janata Agency at Shyam Bazaar in Dhaka, said that local onions sold roughly between 65 and 75 taka per kilogram, while his Indian variety was between 55 and 65 tak.

On the retail markets, however, local onions sell at 90-95 Tk per kg, while local onions sell for 80-85 Tk.

Traders claim that the new onion stock has not yet reached the market, prices remain high.

Golam Rahman, president of the Consumers Association of Bangladesh, said that a group of unscrupulous traders may be behind the astronomical price of onions because there is no logic for its price despite an adequate supply.

But, he said, the price is affected because of similar conditions in India.

He said that this scenario will continue until the government keeps track of actual production figures and ensures strict price monitoring at the wholesale and retail level.

Golam Rahman hoped that onion prices would drop very soon.

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