NEW DELHI: In the financial year 2024-25, India exported 2.60 lakh tons of onions by July 31, 2024, following the lifting of the export prohibition on May 4, 2024.
The government allowed onion exports under a minimum export price (MEP) of USD 550 per metric ton, with an export duty of 40%. This move has significantly contributed to India’s net export value from onions, maintaining its position as a key player in the global onion market.
Additionally, the Indian government has procured 4.68 lakh tons of onions, mainly from Maharashtra, through the National Cooperative Consumer Federation (NCCF) and the National Agricultural Cooperative Marketing Federation (NAFED) for the price stabilization buffer.
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This procurement has aimed to stabilize onion prices in the domestic market and protect consumers from price volatility. The average procurement price for the buffer stock this year was Rs. 2,833 per quintal, marking a 64% increase from the Rs. 1,724 per quintal price last year.
Farmers have benefited from higher price realizations this year compared to the previous year. Between April and July 2024, the average monthly mandi modal prices of onions in Maharashtra ranged from Rs. 1,230 to Rs. 2,578 per quintal, significantly higher than the Rs. 693 to Rs. 1,205 per quintal during the same period in 2023.
Over the past three years, India has consistently earned substantial income from onion exports. The net export value stood at Rs. 3,326.99 crore in 2021-22, Rs. 4,525.91 crore in 2022-23, and Rs. 3,513.22 crore in 2023-24.
These figures highlight India’s growing dominance in the global onion trade and the importance of this agricultural commodity in the country’s export portfolio.