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Onion consignment to arrive from Egypt: Commerce Minister

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FT ONLINE

Bangladesh is importing onion from Egypt to bring down the soaring prices in the local market and make up for the loss incurred in flash floods.

Commerce Minister Tofail Ahmed has said the consignment is on the way and will be unloaded within 24 hours after reaching the port.

Retailers are selling onion at Tk 50 a kg, compared to Tk 25 and Tk 28 a week ago.

Traders blame the price hike on flash floods. The upcoming Eid-Ul-Azha and a rise in prices in India have also caused onion prices to rise in Bangladesh.

Annual demand for onion stands at 2.2 million tonnes in Bangladesh. The country faces a shortage of 400,000 tonnes of onion a year which was usually met by imports from India but India is also facing a deficit this year due to floods,” he added.

-SAM./MIAH

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