The prices of onions stay low in the domestic market amid the high stocks and weak demand by foreign buyers.
The small onions were priced at approximately K2,000 while the price of larger ones was around K3,000 in Yangon’s wholesale market. The onion prices this year were K500 lower than that of the corresponding period last year.
The onions fetch K1,900-K3,100 per viss depending on size and producing areas such as Myingyan and Seikphyu. Pakokku market saw an influx of nearly 70,000 visses of onions and the highest price was only K2,350 per viss. The baseless rumour of possible foreign demand did not shake up the market. The demand from exporters is extremely low so the prices continue to drop in the onion-producing areas amid high stocks.
The traders’ expectation of a price hike to K4,000 per viss for onions in mid-August 2023 was proven wrong. The highest price in the Yangon market was K3,500 per viss of large onions.
Onion prices were volatile from October 2022 on the back of strong export demand by the Viet Nam and Thailand markets via the Myawady border. The price of large onions peaked at K5,100 per viss on 2 December 2022. Prior to that, the prices stood at K4,800 per viss of monsoon onions and K4,400 for Myingyan onions.
The Yangon market sees a supply of newly harvested monsoon onions only instead of old onion stocks. There is a low chance for the onion price to turn higher owing to the high stocks in the market and global market conditions, a seller shared his opinion. — TWA/EM
