Decision on onion import to come in 2-3 days as price soars to Tk80 per kg

The price of onions has nearly doubled, reaching Tk80 per kilogram, exacerbating the concerns of consumers in the face of rampant inflation, which registered at 9.24% in April.

On Sunday, the market price of the kitchen ingredient was Tk80 per kg in Moghbazar.

According to the Trading Corporation of Bangladesh (TCB), onion prices fluctuate between Tk70 and Tk80 in various markets across the country. The price was Tk30-Tk40 per kg a month ago.

In 2019, the price of onions reached a peak of Tk220 per kg, setting a record high in the country's history.

Responding to the potential crisis, Agriculture Minister Md Abdur Razzaque on Sunday said a decision on onion import will be taken within two to three days after monitoring the market situation, reports UNB.

"I know that all middle and limited-income people are suffering. The price of onion should not be Tk80 per kg. At the policy level, we are putting emphasis on the interests of our local farmers," the minister said while talking to reporters at his Secretariat office today (21 May).

"We have discussed it at the highest level of policymaking. We are monitoring the market very closely. Insha'Allah, you will get a decision on whether we will import onions in 2-3 days," he said.

Last week, Agriculture Secretary Wahida Akhter said the government is considering importing onions due to the hike in onion prices in the market.

Due to government intervention, onion production in the country has increased by more than one million tonnes in the last two years, according to the DAE (Department of Agricultural Extension).

This year alone, more than 34 lakh tonnes of onion have been produced in the country. Meanwhile, the demand for onion in the country is 26 to 28 lakh tonnes per year.

However, due to the lack of a proper storage system or adverse environment, 30-35% of locally produced onions are wasted.