Import of onions to be approved if prices don’t stabilise in five days: Commerce adviser
The adviser said that onion prices had previously fallen to Tk35–40 per kg, which was not favourable for farmers
Commerce Adviser Sk Bashir Uddin has said that import approval for onions will be granted if market prices do not return to a normal level within the next four to five days.
At present, the Ministry of Commerce has 2,800 pending applications seeking import approval.
Bashir Uddin made the remarks at a press conference at the Ministry of Commerce today (9 November).
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The adviser said that onion prices had previously fallen to Tk35–40 per kg, which was not favourable for farmers. Prices later remained at Tk60–65 for an extended period.
"Suddenly, the prices increased," he said, adding that the ministry was closely monitoring the market.
According to him, there is sufficient stock of onions in the country, and new harvests are expected to arrive in the market within the next two weeks.
Bashir Uddin said, "If the onion market does not normalise within the next four to five days, we have decided to grant import approval. We have information that onions are being stockpiled across the border for export to Bangladesh. If even 10% of the 2,800 import applications are approved, the market will be flooded, and farmers will incur losses. For this reason, we are observing the situation carefully."
Responding to a question, he said the price increase occurred due to several reasons, including the end of the season, sudden heavy rainfall, and weight reduction of stored onions after drying.
When asked whether the Tk40–50 per kg price increase within a few days was due to hoarding or a syndicate, the adviser said, "I have no information of hoarding or a syndicate. A temporary crisis has occurred. I hope the situation will improve quickly."
He also said that 10,000 High-Flow machines had been distributed by the government to support onion storage.
Commerce Secretary Mahbubur Rahman said at the press conference that the price had increased due to two to two and a half days of rainfall, and then stabilised slightly. He said the ministry had discussed the matter with the Ministry of Agriculture.
According to him, the Ministry of Agriculture informed that there is currently a stock of 3.5 tonnes of onions in the country, while 85,000–87,000 tonnes are expected to enter the market this month and 2.5 lakh tonnes next month. Some import approvals have already been granted.
