Onion prices in Malaysia seen to go up following Indian export curbs


India set a minimum price of $850 per tonne for overseas sale of onions, a government order said on Thursday, as the price of the politically-sensitive vegetable surged to its highest in two years in the local market. (Malaysian officials checking on prices. - Filepic)

MUMBAI: India set surbs on onion exports and traders see prices suging in Malaysia and some other countries.

India set a minimum price of $850 per tonne for overseas sale of onions, a government order said on Thursday, as the price of the politically-sensitive vegetable surged to its highest in two years in the local market.

Traders cannot export onions below $850 per tonne until the end of 2017, the order said.

Average prices at Lasalgaon, India's largest wholesale onion market in the western state of Maharashtra, rose to 3,211 rupees ($49.62) per 100 kg last week, the highest in two years.

"Exports are not possible at $850. Egypt and Pakistan are selling at much lower level," said a Mumbai-based exporter, who declined to be named.

The Indian curbs on exports could lift prices in key importing countries like Bangladesh, Malaysia, the United Arab Emirates and Sri Lanka, traders said. - Reuters

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

onions , Malaysia , India , exports , curb , prices ,

   

Next In Business News

Cautious tone expected for ringgit versus US dollar trading next week
U Mobile to reduce foreign majority shareholdings to 20%
MACC investigating Khazanah, PNB's unsuccessful investment
Another data centre job for Gamuda
SOBA judges, past winners share winning tips
Government and venture capital
Selling pressure amid Mideast and polls anxiety
Low volatility a remedy for the extremes?
Maximising your unit trust returns
Dishing up consumer success

Others Also Read