August 01, 2022
Wholesale onion prices have gradually risen for three consecutive days (25-27 July) and then, the flat price occurred next three days (28-30 July), a trader Ko Tun Oo pointed out market price data.
On 23 July, the wholesale prices stood at K1,300-1,850 per viss of onion from Seikkphyu Township and K1,400-1,950 per viss of onion from Monywa Township. The prices slightly increased to K1,400-2,000 per viss of onion from Seikphyu Township and K1,500-2,100 per viss of onion from Monywa Township on 27 July. The prices remained unchanged in the last three days.
The news of low onion stocks and low yield are circulating in the markets outside Yangon. However, approximately 420,000 visses (a viss equals 1.6 kilogrammes) of onions flowed into the Yangon market between 25 and 27 July. About 510,000 visses of onion entered the Yangon market in the past three days (28-30 July).
A total of 73,620 visses of onions on 28 July and 540,000 visses of onions on 30 July flood markets in Pakokku Township.
Only 300,000 visses of onion stocks left in one particular high-yielding region is spreading. Despite the baseless rumour, over 900,000 visses of onion are supplied to Yangon in the past six days.
Foreign onion prices are much lower than the prices of local ones in the Yangon market. There is low export potential amid red tape, currency policy and foreign onion price conditions. Therefore, onion is heavily relying on the domestic market, said Ko Hla Soe, a trader.
Growers keep onion stocks in their hands rather than brokers. Moreover, there is news of onion wholesale price hike to K3,000 per viss in the regions and states other than Yangon. This is just a speculating story rather than statistical analysis. I can only conclude that the onion market might change in August,” said a buyer.
A total of 3.65 million visses of onions entered the Yangon market within 26 days in June 2022, while supply volume dropped to 3.466 million visses within 24 days in July, wholesale market’s data indicated.
The statistics showed that there is over 140,000 visses of onion supply per day in the Yangon market at the end of July. Market saw onion supply of below 100,000 visses for six days and 240,000 visses for two days in August 2021. The prices stood at only K600 per viss for large sized onions then and the small ones fetched just K200 per viss.—TWA/GNLM