The average wholesale price of onions in Nashik, India, has seen a significant shift, escalating by approximately 25% within a week. This price adjustment, from Rs 1,750 to 2,200 per 100 kg, is attributed to a reduced supply and the recommencement of exports.
Reports indicate a decrease in onion arrivals at Nashik's 15 Agricultural Produce Market Committees (APMCs), dropping from 10,000 tons to 7,500 tons daily. Traders suggest that the anticipation of a potential reduction in export duty post the Lok Sabha election results on June 4 has led to farmers withholding their produce.
Furthermore, the lifting of an export ban has enabled shipments to countries such as Sri Lanka, Bangladesh, and Malaysia, with about 1,500 containers exported over the past 15 days. This resurgence in export activity has slightly boosted demand, influencing the average wholesale prices. Manoj Jain, a local onion trader and exporter, noted that the diminished supply against a backdrop of increased demand has contributed to the price rise in Nashik's markets over the past week, with Pimpalgaon APMC reporting a notable average price of Rs 2,200 per 100 kg.
[ Rs 100 = €1.10 ]
Source: timesofindia.indiatimes.com