The price of onions in Khatunganj, Chittagong—the country’s largest consumer goods market—has dropped by Tk 30 to 40 per kg in a single day following the announcement of permission to import onions from India.
On Sunday, onions were sold in Khatunganj for 90 to 100 taka, whereas just a day earlier, the price was 120 to 130 taka.
Market vendors said that the decline in domestic onion stocks, the arrival of new season onions in the market, and the permission to import them have all contributed to the rapid cooling of the market. According to traders, prices could fall further if Indian onions enter the market.
Mohammad Idris, general secretary of the Hamid Ullah Market Traders Association, said, “The market reacted immediately to the news of the import. It fell by 30 to 40 taka per kilogram in a day.”
Traders say that due to the relatively good onion production in the country this year, the supply of domestic onions has been maintained for a long time. The new season’s ‘murikata’ onions have already started coming to the market – their supply will increase within the next week, which they believe could bring down prices further.
However, despite the drop in wholesale prices, its impact on the retail market is not yet clear. Onions are still being sold at Tk 130 to 140 per kg in various retail markets including the capital.