Government Slashes Onion MEP By Half To 225 Dollar (03-Mar-2010)
The central government on Friday reduced the onion's minimum export price (MEP) to $225 for all destinations and this move is expected to boost the exports of onion as well as support the declining the commodity price in the domestic market.
The onions' MEP was raised in November 2009 on the back of country-wide spurt in the commodity prices on account of the floods in southern India. The MEP, which stood at around $200 in April 2009, was around $550 in February 2010.
Now, from March 1, the MEP will be $225.
According to Hari Prasad Sharma, assistant director, National Horticulture Development and Research Foundation (NHRDF), Nashik, there has been a decline in the prices of onions in the producing markets to Rs 700 per quintal and hence, it was necessary to enhance the exports to prevent any further fall in the domestic onion prices.
The high MEP had acted as a deterrent to exports which declined significantly during the three month from November 2009- January 2010.
As per the figures of Agricultural and Processed Food Export Development Authority (APFEDA), the exports of onions from the country stood at 1.5 lakh tonnes in February 2010 as compared to 1.69 lakh tonne exports in February 2009 while 2.5 lakh tonnes in March 2009.
With the reduction in MEP, the exports of onion in March 2010 are expected to be 2 lakh tonnes.
The total exports for the period between April 2009 to January 2010 are marginally higher as compared to the exports during the comparable period of previous year.
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