Onion prices will come down within 10 days, minister says

Commerce Minister Tipu Munshi on Saturday said onion prices will come down within 10 days with the arrival of the new harvest in the market.

 “The imported onions are yet to be supplied to the market because of transportation problem,” he said while talking to reporters after attending a seminar on "Ease of doing business: Way forward" organised by Bangladesh Chamber of Industries (BCI) at a city hotel.

Some 12,000 tonnes of onion imported from foreign sources will reach Chattogram port on Nov 29, said minister Munshi said.

He said Bangladesh has to import 25 per cent onion to meet local demand. Of them, 90 per cent is imported from India but unfortunately India banned its onion export to Bangladesh on September 29 that caused the problem, he added.

The prices of onion, a common item in Bangladesh kitchens, soared again on Friday, fuelled by higher demands and a supply crunch as the imported bulbs are yet to hit the markets.

Bangladesh has been struggling to control the overheated prices of onion which reached an all-time high in recent days following the export ban by India.

Officials say the ban is likely to remain in place until February next year.