India has extended the ban on onion exports until March 31, 2024, aiming to boost domestic availability and control prices. The Directorate General of Foreign Trade implemented a minimum export price of $800 per tonne on October 28, initially effective until December 31, to limit exports and increase domestic supply.
The extension, effective from December 8, 2023, aims to stabilize onion prices, which have risen in Bangladesh due to its reliance on Indian imports. The neighboring country had previously imposed a 40% export duty on onions in August to address domestic price concerns. The latest measure excludes shipments already in progress or filed before the effective date, and onion exports may proceed with the Indian government’s permission to specific countries.
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