The head of the Central Administration for Agricultural Crops for Orchards at the Ministry of Agriculture in Egypt, Mahmoud Atta, predicts a drop in onion prices in the Egyptian market. This forecast comes on the heels of an exorbitant price hike that saw onions selling for over EGP 40 per kilo. Atta thinks that within a fortnight, the price point will hover around EGP 20 per kilo, down from the current EGP 32.
The price drop is expected due to a combination of two factors: the commencement of the onion harvest from the summer planting in Upper Egypt and a crackdown on onion stockpiles by the Ministry of Agriculture. Through the latter initiative thousands of tons of onions stashed by traders have been confiscated.
Onion imports Bangladesh
In Bangladesh, the government is resorting to easing onion imports to mitigate the price surge in the domestic market. Onion prices have spiked by Tk 15-20 per kilo in the span of a week, pushing the government to issue import permits to augment the supply of imported onions. The state-run trading corporation documented a 34-42% rise in onion prices within a week and an alarming 38-69% increase in a month.
[ EGP1 = € 0.03 ]
[ Tk 100 = €0.84 ]
Source: bnnbreaking.com