Onion shoots to Rs240 per kg amid unbridled exports

As Pakistani exporters continue cashing in on the situation that emerged after the Indian ban on onion exports, local consumers are taking the hit of an improvement in foreign exchange earnings by paying up to Rs240 per kg for the commodity in the domestic markets. When India imposed a ban on Dec 8, 2023 till March 2024, local rates suddenly crawled up to Rs160-180 from Rs120-140 on intense buying by the exporters and since then the rates have continued to swell on thriving exports. As a result, the already inflation-hit consumers are now paying heavy prices for the most sought-after commodity compared to other vegetables. Retailers said that exporters are lifting even the limited arrival of Iranian and Kabul onion to tap the huge export demand. India had banned exports after local prices more than doubled in the last three months owing to a drop in production. The prices are reportedly on a downward trajectory in Indian markets.