Huge imports from India, which saw bumper harvest of onions this season, is the prime cause for the drastic fall in prices
Wholesale price of imported onions from India at Hili Land Port has fallen to as low as Tk6 per kg, while retail prices are ranged between Tk10-12 at nearby markets.
Huge imports from India, which saw bumper harvest of onions this season, is the prime cause for the drastic fall in prices, traders said.
Currently, the wholesale prices of imported onions range between Tk6 and Tk8 per kg, which was Tk8-13 per kg a week ago.
Since last week, around 35 to 40 trucks carrying onions have come through the land port, carrying Nasik, Indore, and Golapbag onions.
Retail price of Indian onions at Hili Bazar has also fallen to Tk10-12 per kg, from Tk15-18 just a few days ago.
At the same time, the price of local onions has also fallen, selling for Tk16 to Tk20 per kg.
Ayub Hossain, a trader at Hili Bazar, said there is currently a surplus of both local and imported onions in the market.
"Since many new varieties of onions have been harvested in different regions of Bangladesh, demand for imported onions has fallen," Ayub explained, adding that he had not seen such a drastic fall in onion prices in the last few years.
Last year, the price of imported onions ranged between Tk32 and Tk34 per kg.
Bablur Rahman, an onion importer at Hili Land Port, said: "At present, many new varieties of onions are also being harvested in India, leading to a surplus in their stocks."
He further said that is why the price of imported onions is so low at the moment.
"We are having to incur huge losses because of this," Bablur said, adding that there is no possibility of onion prices rising in the country in the coming two to three months.