Onion prices decline due to glut in supply

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Workers carry bags of onion at Bayinnaung wholesale maket in Yangon. Photo: Phoe Khwar

The prices of onions have declined to Ks700 per viss after reaching a high on 5 January because of the surplus supply that will enter the market soon, according to traders in the Bayinnaung onion wholesale market.
In January 2018, the wholesale price of the Seikphyu onion variety was between Ks2,300 and Ks3,100 per viss, while the price of Myingyan onions was between Ks2,700 and Ks3,300 per viss. The price of Myittha onions was between Ks2,800 and Ks3,400 per viss.
“This is the time to harvest new summer onions. Therefore, the price of Seikphyu onions is between Ks700 and Ks950 per viss, while the price of Taungdwin onions is between Ks500 and Ks700 per viss. The price of Myittha onions is between Ks1,250 and Ks1,450 per viss,” said an onion trader from the Bayinnaung onion wholesale market.
The summer onions will enter the market in March from Pakokku, Myittha, Myingyan and Taungdwin. The supply of onions will be increased this year, he added.
Myanmar has imported the onions from China to decrease the price of local onions in the market in December. The Ministry of Commerce has also suspended the export of local onions since December, according to the request of onion exporters.
“We did not impose a ban on onion exports. We have suspended it at the request of the onion exporters association as the onion price in the domestic market was very high. If the association says it is advisable to allow exports in order to avoid a decline in onion prices in the domestic market, we will allow it again,” said U Toe Augn Myint, Permanent Secretary of the Ministry of Commerce.



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