This is the third time it has lowered the export price since lifting the ban on exports last month
New Delhi: The government has slashed the minimum export price for onions to $275 a tonne from the previous $350 a tonne. This is the third time in a month that the minimum export price has be lowered.
"The minimum export price (MEP) for onions other than Bangalore Rose onions and Krishnapuram onions will be $275 per metric tonne FOB (freight-on-board)," the Directorate General of Foreign Trade stated in a notification today.
On 1st March, the government lowered the MEP from $600 a tonne to $450 a tonne, and again on 8th March to $350 a tonne. This was after it had withdrawn the ban on exports
Last month, the government lifted a ban on onion exports that was imposed to curb the extraordinary price rise after onion crop was destroyed in unseasonal rain. But it pegged the export price at a high $600 a tonne to minimise the quantity of exports, towards checking domestic prices. The MEP for Bangalore Rose and Krishnapuram onions was $1,400 per tonne.
Onion production in the country is likely to be around 10.5 million tonnes in 2010-11, down from 12 million tonnes last year.
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