Chinese onions priced at K1,300 per viss in wholesale markets

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Chinese onions are sold at K1,300 per viss in the wholesale markets on 21 October 2022, said Ko Thein Myint, an owner of a warehouse on Yetama Street, told the Global New Light of Myanmar (GNLM).
The entry of onion is estimated at 800,000 visses within five days this week. When the prices of local onions remain unchanged, Chinese onions flood the market at a cheaper rate. The prices of those imported onions are K1,300 per viss which is more than 50 per cent lower than the local one’s price.
The prices of onion stood at K2,900-K3,500 per viss from the Seikphyu area, K2,700-3,300 from the Pyawbwe area and K2,900-3,100 from the Monywa area in the wholesale markets on 21 October.
About 350,000 visses of onions from various regions entered the market between 11 and 15 October. The maximum price of onions from the Seikphyu area reached K3,700 and from the Myingyan area K4,000.
However, over 800,000 visses of onions from various regions were supplied to Yangon markets between 17 and 21 October. There is no demand from regions other than Yangon in recent days. The consumers reduced the consumption of onions due to the high price so the demand declined. The prices of onions have fallen this week.
Chinese onions are sold at more than 50 per cent lower than the local ones in the Yangon market, Ko Aung Win, a seller at the Nyaungpinlay market came to purchase Chinese onions at Bayintnaung Wholesale Market on 21 October due to the purchase order from retailers, told the GNLM.
Some dealers from regions outside Yangon opposed the entry of Chinese onions into the markets. Amid the high prices of local onions, Chinese onions might grasp some market shares. Monsoon onions are expected to enter Yangon markets in December. There is only one month remaining for the summer onions to sell in the markets for now.
The yield of onions dropped by half this year. There is some export order from border areas for the Viet Nam market, yet Yangon is still the main market for onions.
There is news spreading that over two million visses of onions are stockpiled in one township. There are decent stocks in other onion-producing townships (Seikphyu, Pakokku, Myingyan, Monywa and Yenangyoung).
The stock of onions might exceed the demand in the upcoming month.
The onions will be harvested in the neighbouring countries as well. Thus, there is no potential to export a large volume of onions to the Bangladesh market like the event in 2019. Similarly, there is less chance for Viet Nam and Thailand borders. On the Sino-Myanmar border, only onion imports are seen.
As a result of this, the onion price can’t hit K5,000 per viss in the retail market like the consumers’ concerns, a market observer forecast. — TWA/GNLM

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