Onion prices drop as thousands of monsoon onions arrive in markets

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A truck that carried onions entered Yangon’s Bayintnaung market on 13 January 2024.

The market information indicates that on 12 and 13 January, 360,000 visses of monsoon onions arrived in the Yangon market, and thousands of visses of monsoon onions also reached the markets of other towns and cities, leading to a decline in onion prices.
During the two days, a total of 360,000 visses of onions arrived in the Yangon market; 45,000 visses of onions in Pakokku; 205,600 visses of onions in Myingyan; and 60,000 visses in Seikphyu respectively.
On 12 January, onions from Myingyan and Myittha areas had just arrived. Therefore, onion prices in the Yangon market on 12 January were Seikphyu K1,550-K2,000-K2,550-K2,800 per viss; Myingyan K1,600-K2,000-K2,600-K2,800 per viss; and Myittha K3,000-K3,200-K3,400-K3,200 respectively.
Another 180,000 visses of onions arrived in the Yangon market on 13 January; therefore, onion prices declined further. On that day, the prices of various onions were set at K1,500-K2,000-K2,600-K2,700 per viss for wholesale Seikphyu onions and K2,600-K2,800-K3,100-K3,000 per viss for Myittha onions. On the same day, the onion prices in various towns and cities were reported as K1,000 to K2,300 per viss in the Myingyan market, K2,100 per viss in the Pakokku market, and K1,925 per viss in the Seikphyu market, respectively.
The onion prices in the Yangon market have dropped significantly after a few weeks since the large Myittha onion was priced at K4,700 per viss, and Seikphyu was priced at K3,800 per viss in late December. However, the prices were observed at K1,700 per viss for Myittha large-sized onion and K1,100 per viss for Seikphyu onion.
Similarly, the onion prices in other towns and cities have also been falling. In the first week of January, the onion price in the Myingyan market was K1,500 to K2,700 per viss, K2,500 per viss in Pakokku, and K2,375 per viss in Seikphyu. In fact, 150,000-200,000 visses of onions have arrived in the Myingyan market within these days, which led to a fall in onion prices in the Myingyan market.
The onion prices in the same period last year, on 13 January 2023, were K1,700-K1,900-K1,900-K1,900 per viss of Myingyan onion and K1,800-K2,100-K2,100-K2,000 per viss of Myittha onion, according to the data from last year.
Although the monsoon onion prices show a gradual fall in the market, the prices are still higher than last year (K1,000 and K800 of Myitha and Myingyan/Seikphyu, respectively, still higher than the last year prices); therefore, it can be assumed that monsoon onion growers earn more incomes.
The onions produced by Myanmar are expected to gain more market share this year, as Indian onions, which were used for the highest productivity and highest export globally, are produced less this year due to unfavourable weather. There will be more traders who will keep the onion stock in the upcoming season when summer onions are harvested.
Thus, it is forecasted that farmers who grow summer onions will earn more profit during the Thingyan Festival period, according to the report from the onion wholesale market. — TWA/TMT

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