Despite the arrival of 360,000 visses of onions in the Yangon market from various towns and cities on 8 April, the opening prices at the wholesale onion depot have not declined. However, some traders are offering onions at lower prices based on quality.
On 8 April, the opening prices for onions were as follows: Seikphyu at K1,600- K2,000-K2,100-K2,100 per viss; Taungdwin at K1,600-K2,100- K2,100-K2,100; and Myittha at K2,300-K2,800-K3,000-K3,000. However, the market price is K200 lower than the opening price. Most traders are ordering onions from other towns and cities to be transported to Yangon by 9 April, according to market information.
As demand from other towns and cities for onions from Yangon decreases and trucks cease operations during the Thingyan Festival, the Yangon market may need to lower onion prices before the holiday if there is an excess supply.
Compared with last year’s figures, only 120,000 visses of onions arrived in Yangon on 8 April. However, this year, a total of 1,860,000 visses of onions have arrived in the Yangon market within seven days, and a total of 4,692,000 visses of onions arrived in March within 24 days. Last year, by 8 April, 1,215,000 visses of onions arrived, and 5,400,000 visses of onions arrived in March, according to previous statistics.
In other towns and cities, onion prices have remained steady for traders since the early April surge in Yangon. In these areas, the minimum price for onions is standing at K1,500. Approximately 300,000 visses of onions have arrived in Seikphyu, Myingyan, and Pakokku markets in recent days.
Due to the high onion prices in other towns and cities, traders are purchasing onions at a minimum price of K1,500 per viss. It is also forecasted that prices will rise further after the Thingyan Festival due to external demands.
Myanmar’s onion demand is influenced by India’s policy of prohibiting onion exports. The onion price in India has decreased from rupee 4,500 per 100 kilogrammes in December 2023 to rupee 1,200 (approximately US$14) in early April.
This year, onion growers in Myanmar are earning more than last year, with growers receiving an additional K1,000 for Seikphyu and K1,100 for Myittha per viss compared to last year. — TWA/ TMT
