TCB is importing onion from Turkey, S Alam Group from Egypt and many other companies from Afghanistan and the UAE
The Ministry of Commerce has said sufficient supply of onion in the market will be ensured as soon as big shipments of onion reach the country by cargo aircraft and ships.
"Through cargo planes, Trading Corporation of Bangladesh (TCB) is importing onion from Turkey, S Alam Group from Egypt, and many other companies from Afghanistan and the United Arab Emirates. All procedures have already been completed," said a press release issued by the ministry on Friday.
A big shipment of onion will arrive in Bangladesh soon through the sea route, the press release added.
It also informed that due to the recent cyclone Bulbul, onions could not be transported to various places, including Teknaf land port and Chittagong seaport.
The Ministry of Commerce has taken immediate steps to address this situation and it is expected that enough quantity of onions will come to the market within a short time, and the prices will return to normal.
The press release also said that the country's intelligence and law enforcement agencies are active in this regard.
According to law enforcement agencies, strict action will be taken against anyone who stocks onion illegally for making huge profits.
Several teams from the Ministry of Commerce are working to monitor the market. The Directorate of National Consumer Rights Protection (DNCRP) has also launched a campaign. Besides, local variety of onion from different places of the country have started coming to the market.
Normally, onion is imported from India due to low cost and easy transportation. Due to floods in Maharashtra and other areas of India, onion yields have been greatly affected, the press release said.
As a result, India fixed the minimum export price (MEP) per ton of onion for export.
On September 29, the Indian authorities banned onion export. As an alternative, Bangladesh started importing onion from Myanmar through LC (letter of credit) and Border Trade. Onion imports were also started from Egypt and Turkey through LC.
Onion prices have increased recently in Myanmar too. As a result, the impact of onion price in Myanmar has also fallen on the Bangladeshi market, the press statement added.