Onion supply brings down prices at Bayintnaung Wholesale Market

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The photo shows trucks loaded with onion entering the Bayintnaung Wholesale Market on 17 October 2022.

Following an entry of 240,000 visses of onions from various regions to the Bayintnaung Wholesale Market on 17 October, the prices declined.
The large supply caused traffic congestion on the streets of Win Yetama and Nguwah at the Bayintnaung Wholesale Market at 7 am on 17 October, Ko Kyaw Thet, a buyer from Nyaungpinlay market told the Global New Light of Myanmar (GNLM).
Approximately 40 12-wheeled trucks of onions caused delays at the market and the authorities reduce the traffic congestion until 10 am.
Earlier, only ten trucks entered the market and there was no traffic jam, said Ko Han, a businessman involved at a warehouse.
Only 66,000 visses of onions entered the market on 15 October. The price reached a record price of K3,700 per viss of onions from the Seikphyu area and K4,000 per viss from the Myingyan area then. However, an inflow of 240,000 visses of onions on 17 October resulted in a price decrease of K200 per viss, Ko Phoe Zaw, a dealer, told the GNLM.
On 17 October, the wholesale prices of onions stood at K3,100-3,800 per viss from Myingyan, K2,900-3,500 from the Seikphyu area and K3,200-3,800 per viss from the Monywa area.
The highest prices of onions were K3,300 per viss in the Seikphyu area and K3,275 per viss in the Pakokku area, according to the price data of the respective depots.
The monsoon onions usually enter the market in late 2022. Those farmers who cultivated the monsoon onions earlier than usual reaped a handsome profit in December due to the high prices in the previous years.
As the onion prices rose in 2022, monsoon onion plantations were also seen earlier than usual. However, torrential rain affected onion plantations in some villages of the Monywa and Myittha areas.
Torrential rains in Viet Nam and Thailand wreaked havoc on onion plantations and India’s onion exports came to a temporary halt in recent days. As a result of this, demand goes up in the onion-producing regions.
During Thadingyut Festival, onion supply to the Yangon market decreased and the price increased a bit in mid-October. The onion supply on 17 October is about four times that of 15 October, causing traffic jams. The price set by the depots also dropped, Ko Thein Myint from onion depot, told the GNLM.
There are only 50 days remaining for summer onions to sell in the market. The domestic consumption of onions is the highest at six million visses and the lowest at three million visses per month. Prior to the entry of monsoon onions, only five million visses of onions are required at Bayintnaung market during that period. Although onion stocks are getting lower in the market, there is the self-sufficiency of onions in the market. When the price inflates, Chinese onions will re-enter the market, the market observers pointed out. —TWA/GNLM

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