Onion price surges to K2,100 per viss in Yangon Market

The onion prices are still up in the second week of June in Yangon and countryside markets. The price was K2,050/2,100 per viss in Yangon yesterday.
The Bayintnaung Wholesale Centre received about 150,000 visses of onion yesterday, according to the data of the centre. The price of Monywa onion is K1,550-1,900-2,000-2,100 per viss and K1,450-1,850-1,900-2,000. The Seikphyu onion is priced at K1,300-1,650-1,800-1,900 per viss while Myingyan Kan Sint onion is K1,375-1,775-1,875-1,975 per viss, said onion purchaser Ko Thein Zan.
“The transaction is good when the price is high. It is slack when the price declines. Those who buy a large amount expect profits when the prices become high. When the price is down, they do not buy and they wait for the time to decline more. It is the nature of the market,” he said.
On 14 June, the Pakokku wholesale centre received 155,196 visses of onion. The Pale onion price is K1,800 per viss and the Yaw onion is K1,750 per viss. About 40,000 visses of onion entered the Seikphyu wholesale centre and the price was K1,500 per viss.
In 2019, the country exported onion in bulk and the price rose to K2,700-3,300-3,500-3,600 per viss on 3 December. Meanwhile, the monsoon new onion entered the market and the price dropped to K1,700-2,300-2,500-2,900 per viss in the first week of December 2019.
The price of onion reached below K1,000 per viss as there was no foreign demand in 2020 and 2021. When the winter onion entered the summer market, the production rate dropped by half for rainfalls and other reasons in 2021, and the rotten rate showed 25 per cent, said onion dealer U Hla Ngwe.
The country has 170,000 acres of onion and produces 600 million visses (about ten tonnes) of onion per year, according to the official data. The local consumption rate is about 600,000 tonnes per year and the surplus rate is about 400,000 tonnes a year, according to the released data.
Myanmar exported 87,832.16 tonnes of onion between 1 October 2018 and 30 September 2019, and it is the highest export volume for six years from 2013-2014 to 2018-2019.
There is a demand to export to Viet Nam via the Myawady border by the end of June, according to a market source.
Recently, the price on 14 June was the highest compared to the same period of the last three years (2020 to 2022) for a decline in the local leftover amount and foreign demand.
The Bayintnaung Wholesale Centre gets four million visses of onion per month and it needs 20 million visses of onion before the monsoon onion period.
The China potatoes enter the Yangon market and the onion would enter when the prices are high, said onion merchants. — TWA/GNLM

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