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Onion importers face losses as India slaps ban on exports
Earlier, India on Thursday banned onion exports to curb rising prices in its domestic market.
Also, the Indian National Agricultural Cooperative Marketing Federation (NAFED) on the same day hiked the rate for opening letter of credit for a tonne of onion to $475 from $300 before, said Babul Hasnat Durul, a trader who imports onion through Sonamasjid land port.
He said onion export would be difficult at the new rate of $475 even if India lifts the ban.
"I will incur a huge loss if the Indian exporters don't release onion in time, as I have opened LCs for 100 tonnes of onion," he added.
Toufikur Rahman Babu, another importer in the Sonamasjid land port area, said he opened LCs much before and would face a huge loss due to the Indian decision.
Importers and clearing and forwarding agents said onion import through the Sonamasjid land port came to a halt on Saturday after the Indian government banned export.
They said, a total of 80 onion-laden trucks entered the Sonamasjid land port on Sunday and 50 trucks entered till Monday noon.
After two to three days no trucks of onions would enter the port area, they added.
They said the Indian traders are not supplying onions against the previous orders, and if onions are not exported against the already opened LCs, they will incur huge losses.
Shariful Islam Swadhin, president of Sonamasjid land port C&F agents' association, said, "We are requesting the Indian exporters to release onions against the previous orders. If they don't do so, the importers of Bangladesh will incur huge losses."
"We are now talking with the Indian businessmen about the matter."
He also said the onion prices are likely to rise sharply in the local market ahead of Eid-ul-Ajha.