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04 January 2010 at 17:30 IST
India’s onion exports decline on monetary measures
MUMBAI (Commodity Online): Onion export from India has witnessed a decline in December in 2009 by over 21% to 78924 tonnes as against the 100379 tonnes in the previous year, said National Horticultural Research and Development Foundation (NHRDF).
According to NHRDF, the reason for declining the exports was due to the government’s monetary measure in order to curb domestic prices by discoursing exports. The government had increased the minimum export prices of onion.
The government has been raising the minimum export price (MEP) of onion for the past couple of months in order to discourage export as local prices are ruling high, while food inflation is close to 20%.
For December 2009, the onion MEP stood at $450-455 a tonne, compared with $330-335 a tonne for the same period previous year. To augment domestic supply, the government raised the MEP for the current month as well by $50 to an average of $500-505 a tonne.
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