SUKANTA HALDER

The prices of onion have shot up despite adequate supply, according to a Bangladesh Trade and Tariff Commission (BTTC) report -- laying bare the extent of market manipulation by a section of dishonest traders.

For instance, in the first five months of the fiscal year, onion imports were up 77.8 percent year-on-year to about 5.3 lakh tonnes, the report showed.

Local onion production in the last fiscal year that wrapped up on June 30 was 25.5 lakh tonnes.

“Considering local production and imports, there is likely to be oversupply in the market,” BTTC said in the report released on December 10.

As of November 30, Bangladesh market received 30.8 lakh tonnes of onions from local and foreign sources this year, the report said.

The annual demand for onion in Bangladesh is 27-28 lakh tonne, 65-70 percent of which is met through local production.

“There is no reason for the unusual increase in onion prices in Bangladesh,”‍ said Selim Raihan, a professor of economics at Dhaka University.

Onion prices in Bangladesh almost doubled overnight after India announced an onion export ban on Friday until March 31 next year.

SEE PAGE 2 COL 4