Onion prices skyrocket to K2,000 in Pyay market

The onions are grown in Mandalay, Magway and Yangon regions, Nay Pyi Taw and Shan State.

The prices of onions in the Pyay market, Bago Region jumped to K2,000 per viss (a viss equals 1.6 kilogrammes), which reflects an increase of K800 within two weeks.
The price started to rise from the first week of June. Over 200 30-viss bags of onions are daily flowing into Pyay market from Taungdwingyi Township, K150 from Yenangyoung Township and 120 from Magway Region. The market is steadily going. The onions are sent to Thayawady District in Bago, Pathein and Kyangin townships in Ayeyawady Region through the Pyay market.
The wholesale prices stand at K1,800-2,100 depending on sizes and quality. Onion wholesale prices rally to K2,000 across the regions and states.
This year, onion production is estimated at 500,000 tonnes. The daily consumption of onions is around 650-800 tonnes. About 200,000 tonnes of onions can be delivered to the external market, a market observer shared his opinion. Next, the cross-border trade channel between Myanmar and China has reopened again. Bangladesh offered to purchase Myanmar’s onions in mid-May. Onions are conveyed to Thailand as well.
“If Bangladesh’s demand for onions increases, the price will surely rocket. It is hard to predict the market condition now. China and Thailand prefer quality onions only,” said a trader. The onion growers, as well as traders, experienced market fallouts during the COVID-19 pandemic since the foreign demand dried up.
Next, Bangladesh’s demand for Myanmar’s onions coupled with high demand in the local market hiked up prices, soaring up to K4,000 per viss on 15 November 2019, according to the Mandalay commodity depot.  The onions are grown in Mandalay, Magway and Yangon regions, Nay Pyi Taw and Shan State. — KK/GNLM

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