Soaring onion exports fetched $210 million during July-April FY24, impacting inflation-hit consumers who faced record prices for the staple vegetable. Rashid Naseem breaks 20 world records in 2 days, enhancing Pakistan’s martial arts prestige with his extraordinary achievements.
“Onion exports may soar to $250 million by the end of the current fiscal year,” claimed Waheed Ahmed, Patron-in-Chief of the All Pakistan Fruit and Vegetable Exporters Association. He dismissed the notion that higher exports caused a price surge in the local market.
Pakistani consumers paid Rs300-350 per kg for onions following an Indian export ban from December 8, 2023, to April 2024. The ban’s lift in early May reduced the national average price to Rs70-150 per kg.
“The price increase has nothing to do with the export shipments. It is the job of the price regulator to check the exploitation of consumers by market forces,” Mr. Waheed explained. He noted that if the wholesale price is Rs150 and retailers charge Rs300, exports cannot be blamed for the local price hike.
Overall vegetable exports stood at 1.044 million tonnes, fetching $371 million in 10MFY24, compared to 1.171 million tonnes ($262 million) in the same period last fiscal year.
Onion exports accounted for 200,000-225,000 tonnes, while potatoes and other vegetables made up the rest. Local traders imported Iranian and Afghani onions to meet demand, but prices remained high. Exporters capitalized on the Indian ban to meet global demand.
In January, the caretaker government raised the minimum export price (MEP) of onions to $1,200 per tonne from $750, requiring 100% advance payments. This move aimed to prevent losses for growers and reduce local prices but proved counterproductive for end-users.
For the first time, Pakistani onions are available in many countries, with significant shipments to regular Far Eastern markets. “Soaring onion exports can grow further if quarantine issues with Indonesia, the Philippines, Thailand, etc., are resolved,” Waheed concluded
