Onion prices have started to fall in the international market, while the opposite scenario is prevailing in the country. In the last five days, domestic onions of Tk 55 per kg are now being sold at Tk 70 to Tk 90 in different parts of the country. Even two days ago, the price of onion was tk 52 to tk 55 in the retail markets. However, before the Eid-ul-Azha, it was sold at tk 32 to tk 35 per kg. The market analysts, observers and traders have identified three reasons behind the sudden price hike of onion.
Market analysts say, firstly, the season of onion has come to an end. The onion stock of both businessmen and farmers is near to an end. The second reason is: the newly planted onions have been rotten in the field for the excessive rainfall in the last harvesting season. And the third reason is: the imported onion has not yet come to the market yet to meet the shortage of onions which are wasted in the recent flood. For these reasons, still the onion crisis could not be met up.
It is seen in the markets of the capital that per kg local onion is being sold at tk 80 to tk 90. Importers and the businessmen say: the onion crisis has spiraled because the imported onions have not reached the market yet and the onion bulbs have rotten in the field. Alongside, no initiative has been taken to overcome this crisis.
Bangladeshi importers read that it would take 15 to 20 days for the imported onions (by road) to reach the market which is imported from India. So the onion that is being sold in the market in current time, actually brought about 15/20 days ago. In that accordance, the imported onion price was only 26 tk then.
After these matters, the reason that has led the onion prices high is the excessive temptation of profit in some opportunist syndicate of businessmen. Many importers have hiked onion prices through syndicate after observing the reduction in the country's production. Currently, India is selling their onions from 30 to 31 taka. But that onion is sold in Bangladesh at about three times the price of Bangladesh.
According to the Ministry of Commerce, the yearly demand of onion in Bangladesh is 22-24 lakh metric tonnes. Of these, 18 to 19 lakh metric tonnes of onion is produced in the country. Rest 4 to 5 lakh tonnes onion is needed the import. Basically, these 4 to 5 lakh tonnes imported onion make the impact on the market.
Asked about this, Additional Secretary of the Ministry of Commerce Munshi Shafiul Haque told the Bangla Tribune, ‘A noticeable amount of onion has been wasted in the recent rainwater. For this, the onion price is little high. But it is the time of onion harvesting. The price will be reduced when this harvested onion will come to the market. There is no reason to worry about the recent onion price.
Ariful Haque, the wholesaler of Shyambazar, told the Bangla Tribune, ‘The onion price in India has increased. Country’s onion has been wasted in the rain. But the demand hasn’t reduced. In this situation, the supply didn’t meet the demand. That’s why the price has increased.’
Mustafa Khalek, the onion importer, told the Bangla Tribune, ‘the lack of government’s market monitoring and market analysis is the reason of the recent price hike of onions. If the govt. officials monitored the market properly, this crisis would not have been created. At this certain period of the year, the onion price rises a little bit, but not this much.’
