The price of onions has declined after 250,000 viss (one viss equals 3.6lb) of onions entered the Yangon market on 17 September.
The price of Seikphyu onions have declined to between Ks 700 and Ks 1250 per viss in the wholesale market, according to traders.
On 15 September, only 66,000 viss of onions entered the market and the prices of onions continued to rise.
But on that day, demand was less than supply, even though the supply was less than usual and not much was sold.
Some traders were even predicting that the price was unlikely to rise on Monday and true to their prediction the price fell on 17 September.
Onions in the wholesale market was sold between Ks 400 and Ks 600 per viss on 28 August, between Ks 500 and Ks 775 per viss on 8 September, between Ks 900 and Ks 1,200 per viss on 11 September, between Ks 600 and Ks 1,050 on 13 September and between Ks 800 and Ks 1,350 per viss on 15 September.
“On 17 September, the price of onion fell by Ks 100 a viss,” said Ko Zaw Tun, a buyer in the market. Onion dealers are selling their goods because prices are not likely to increase further, he added. Dealers usually control demand by selling under a quota system if prices are likely to rise.
In regions where they are cultivated onions fetch Ks 1,200 per viss. Onion price has also increased to 2,500 Yuan (Ks 514,772) per ton on 11 September from 1,950 Yuan (Ks. 434,977) on 7 September in the Muse market.
In Fiscal Year 2017-2018, Myanmar exported 22,897 tons of onion worth US$9 million. As of 31 August 2018, Myanmar exported 29,486 tons worth US$8.777 million.
Even though the export amount increased, revenue decreased because the price of onion has declined.
As onion prices in Yangon wholesale market reached Ks 1,000 per viss, export onions re-entered the local market and were sold between Ks 700 and Ks 800 per viss.
Maung Say Aung