Onion prices likely to soar as major import hub Turkey halts export
New Delhi, Dec 25: The onion prices may bring more tears after a brief respite as Turkey decided to halt the export of the kitchen staple from its shores. The price may rise 10 to 15 per cent.
Turkey which is the major import destination for India for onion has paused the export of the kitchen staple.
The skyrocketed price of the onions have burnt the pockets since November. As per the official data maintained by the Consumer Affairs Ministry the retail onion prices had surpassed the Rs 100 per kg mark in most cities across the country and in some places it is ruling at Rs 140/kg earlier this month.
As Turkey and Egypt have been two major import destinations for India, according to a report by the Indian Express. The India traders are replying heavily on the two countries along with China.
But the wholesalers in India are now expected to feel the pinch after Turkey's decision.
However, this problem will ease out once the domestic arrival of onions improves.
The provisional data shows that India imported 7,070 tonnes of onion in this fiscal year. Of this, 50 per cent came from Turkey, as per reports.
According to a PTI report, the price of onion was ruling at around Rs 120/kg in Mumbai, Chennai and Kolkata, while it was around Rs 100/kg in Delhi on Friday, as per the ministry's latest data.
The centre has earlier banned export of onion, imposed stock limits on traders. Traders and experts expects that onion prices will continue to remain firm till January when new late kharif crop will start hitting the market.