Onion prices surge across the world

As India’s onion production declined this year, onion prices in Asia & the rest of the world have been soaring. While in Asia, the prices have climbed to US$ 2- US$ 6 per kg over the past few weeks (increasing by around US$ 0.5- US$ 1 per kg); across the world, onion prices spiked around 12% in November. In countries like China, Iran, Indonesia and South Korea, prices have risen between 9 and 22% over the last month.

India is the world’s largest exporter of onions; in September, it banned onion exports and this is likely to continue for a while till prices come under control. The union government has also asked states to crack down on hoarders, create a buffer stock, and distribute imported onions.