Onion Prices Surge To Five-Year High Amid Supply Shortages And Export Surge

Onion Prices Surge To Five-Year High Amid Supply Shortages And Export Surge

Onion prices have skyrocketed to their highest levels in five years, driven by a combination of poor quality crops, supply shortages, and increased export demand. 

Wholesale onion prices in key markets like Nashik and Lasalgaon have surged dramatically, leaving both consumers and traders feeling the strain, Economic Times reported. 

In the Pimpalgaon market in Nashik, the maximum price for the best quality onions has jumped to Rs 70 per kilogram from Rs 51 per kilogram just two weeks ago. 

On average, prices have risen from Rs 51 to Rs 58 per kilogram during the same period. Traders attribute the hike to the poor quality of the kharif crop from major producing states like Rajasthan, Maharashtra, and Karnataka.

The surge in onion prices is also linked to supply disruptions caused by the Diwali holidays. Wholesale markets across the country were closed for several days during the festival, leading to a temporary dip in supply. The result has been a sharp increase in wholesale prices, which saw a 30-35% jump in the last week alone.

 In addition to domestic supply issues, a surge in export demand has further fueled the price increase. Bangladesh recently removed its import duty on onions until Jan. 15, in an effort to lower local prices, leading to a spike in onion exports from India. 

India, for its part, had halved its export duty on onions to 20% ito ease the pressure on farmers, who had been vocal in opposing a ban on onion exports ahead of state elections.

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