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+--- Thread: Global onion prices could be set to rise with India slapping an export tax on them (/Thread-Global-onion-prices-could-be-set-to-rise-with-India-slapping-an-export-tax-on-them)
Global onion prices could be set to rise with India slapping an export tax on them - Levin - 22-08-2023
PUBLISHED MON, AUG 21 20238:29 PM EDTUPDATED MON, AUG 21 20238:34 PM EDT
Lee Ying Shan
With India slapping a 40% export tax on onions on the back of higher domestic prices of the vegetable, analysts are considering the global impact, especially on major importers.
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Retail prices of onions in India have risen around 20% year-on-year
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“High rainfall in the month of July 2023 in key producing regions of Maharashtra and Karnataka led to damage to the stored onion crops,”
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Meanwhile, India’s inflation numbers for July hit a 15-month high of 7.44% compared to a year ago, largely attributed to the spike in domestic food costs. In April, prices of onions had dropped 32.2% year-on-year on the back of oversupply as a result of early crop maturation
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But now the South Asian nation is currently wrestling with high vegetable, fruit and grain prices. Prices of tomatoes in India previously surged more than 300% due to adverse weather. India’s government in July also banned the exports of non-basmati white rice in a bid to ensure sufficient domestic supplies.
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Bangladesh, Malaysia, Sri Lanka and parts of the Middle East rely on India for onion and the taxes will raise the prices of onions for these countries
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India is the world’s largest exporter of onions, and contributes over 12% of global onion trade
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the price hike is expected to be short lived, until October, where more onion crops are expected to come into the market.
https://www.cnbc.com/2023/08/22/global-onion-prices-could-be-set-to-rise-with-india-export-tax.html