Onion turns Tk 5 cheaper here as India relaxes export rules

India has relaxed its onion export rules, withdrawing the minimum export price of $550 per tonne and reducing export duty from 40% to 20%. This has led to a drop in onion prices in Bangladesh, with wholesale prices falling by Tk 4-5 per kg. Traders expect prices to decrease further by Tk 10-12 per kg. Bangladesh produced 39 lakh tonnes of onions last fiscal year but still needs to import 600,000-700,000 tonnes due to post-harvest losses. Some traders dispute the production figures, claiming actual production was 15-20% lower.READ FULL