In the 24 hours to Wednesday, the price of local onions in the capital's retail markets rose by another Tk 10 a kg, and imported onions by Tk 5. At Krishi Market and other retail markets in the capital, local onions sold at Tk 60 to 65 a kg and imported onions at Tk 50 to 55. A week earlier, the same onions were selling at Tk 35 to 40.

Explaining the sudden rise, traders at Mohammadpur Krishi Market said the onions produced in the country each year do not meet demand, so a large part has to be imported. Traders said higher booking rates are making imported onions more expensive. Those concerned, however, refuse to accept this excuse for raising prices.

Sources at the Department of Agricultural Extension (DAE) said the country's annual demand for onions is 28 lakh tonnes, while domestic production is 33 lakh tonnes. Even if 30 per cent is lost through lack of storage and other reasons, 23 lakh tonnes remain, and 8 to 10 lakh tonnes are imported every year. As a result there is always more onion than needed, so there is no reason for a sudden price rise, the sources said.

India, Myanmar and the other countries Bangladesh imports onions from have not stopped exporting, the sources added. Those concerned believe the week-on-week price rise is nothing but manipulation by a syndicate.

Source: Amader Shomoy. First published in Bengali on The Agro News.