India Removes Minimum Export Price On Onion

India has removed the minimum export price imposed on onion, according to a notification from the Directorate General of Foreign Trade (DGFT). The decision comes on the heels of robust kharif crop production prospects and favourable monsoon, coupled with stable market conditions both at the mandi and retail levels.

Earlier, the government lifted the onion export prohibition on May 4, 2024, and allowed the export with the minimum export price of (MEP) of USD 550 per tonne and an export duty of 40 per cent.

Initially, India had in early December 2023 prohibited the export of onions till March 2024. Later, it restricted the export until further orders. While the restriction was on, the exports of onions were, however, allowed based on permission granted by the central government to other countries based on the request made by the countries.

Rabi onion harvested during April-June accounts for 65 per cent of India's onion production and meets the consumer's demand till the Kharif crop is harvested in October-November. (ANI)