New Delhi: Prices of onion jumped up to 50 percent after its largest supplier India banned on onion exports following crop damage and delay in harvesting due to excessive rain.
The surprise move, which took immediate effect on Monday, could help cut prices in India, but boost prices in Asian nations such as Malaysia, Nepal and Sri Lanka, apart from Bangladesh, since they rely on Indian shipments.
Retail prices of the root vegetable, a staple of sub continental cuisine, jumped in Dhaka to 90 taka to 100 taka per kg on Tuesday, from 60 taka on Monday and 30 taka at the beginning of the month.
India is the biggest supplier of onions to neighbouring Bangladesh, which buys a yearly average of more than 350,000 tonnes.
Onion prices in Bangladesh had jumped to a record 250 taka in 2019 after a similar Indian ban forced the government to fly in onions.