Govt imposes MEP of $850/MT on onions to boost domestic supplies
The Dollar Business Bureau In order to increase local supplies and to control rising prices, the Government on Thursday levied a minimum export price (MEP) of $850 per metric tonne (MT) on onions till the end of this year. Minimum Export Price is the minimum rate below which exports are not allowed. In December 2015, the Government has scrapped the MEP of onion. “Export of all varieties of onions will be allowed only on Letter of Credit (LC) subject to a minimum export price (MEP) of $850 FOB per metric tonne till December 31, 2017, Directorate General of Foreign Trade (DGFT) said in a notification (No.39/2015-2020), dated November 23. The retail prices of onion have surged to Rs.50-65 per kg in most of the ...
Indias onion exports shot up by 33% in Apr-Feb
The Dollar Business Bureau The onion exports from India increased by 33% to Rs. 2,362 cr during the first 11 months of FY2015-16. The data compiled by the National Horticultural Research and Development Foundation revealed that about 9,80,566 tonnes of onions were exported during 11 months of 2015-16 fiscal, as against 9,70,442 tonnes in the 11 months of previous fiscal year. On the back of higher sales realization, the exports escalated to Rs 2,362 crore from Rs 1,771 crore worth exports recorded in previous fiscal. The average price worked out to Rs 28,215 per tonne in Fy16 against Rs 18,507 in FY15. In June 2015, the government hiked the Minimum Export Price to $452 per tonne. Later, the price was further hiked in August to $700 per ...
Govt cuts down minimum export price of onions by 43%
The Dollar Business Bureau Taking note of the arrival of fresh crops in the market, the government on Thursday cut down the minimum export price (MEP) of onions to $400 per tonne from $700 per tonne. “On Onion - decision taken today to reduce the Minimum Export Price (MEP) of onion from $700 MT to $ 400 MT,” Commerce Minister Nirmala Sitharaman said in a tweet. The decision came after a meeting held between Finance Minister Arun Jaitely, Agriculture Minister Radha Mohan Singh and the Commerce Minister. Sitharamn also announced that an Inter Ministerial Group (IMG) would review the arrivals of onions in Mandis and their prices every two weeks. “Detailed periodic assessments will be kept up,” she said. Maharashtra ...
Maharashtra asks Centre to scrap minimum export price on onion
Source: PTI With wholesale prices down to the Rs.10 per kg level, the Maharashtra government has asked the Centre to scrap the minimum export price (MEP) for onions to help boost overseas shipments. In August, the government had hiked onion MEP to $700 per tonne, from $425, as prices at both wholesale and retail levels were skyrocketing on lower output due to unseasonal rains earlier. MEP is the rate below which no exports are allowed. The rise in MEP restricts exports and improves domestic supply. “In a letter written to the Union Agriculture Ministry, the Maharashtra government has demanded removal of onion MEP to encourage exports, which would protect interest of farmers,” a senior Agriculture Ministry official said. India exported 4,59,097 ...
