Price of onion from Seikphyu area rises for fifth day

The price of onions from Seikphyu area rose for the fifth day at Bayintnaung Wholesale Market, reflecting an increase of K550 per viss (a viss equals 1.6 kilogrammes).
The onion supply to Yangon market dropped after the Thadingyut full moon day (9 October). The wholesale market price of large onions from the Myingyan area was K3,900 per viss on 14 October.
On 2 September, the wholesale price of onions hit a record of K3,850 per viss. The price reached a fresh new peak after 40 days, said Ko Kyaw, a seller of onion and potato at Nyaungpinlay market.
The onion prices fell to K3,050 per viss on 26 September. The market had a lack of onion supply for three days after the Thadingyut holidays (8-10 Oct). On 14 October, onions started to enter the market. The price was up by K300-550 per viss depending on the size and quality.
On 10 October, the onions from the Seikphyu area were priced at K2,600-K2,850 per viss in the wholesale market. The onion price extended to the fifth-day high at K2,900-K3,400 per viss on 14 October.
The onion depot in Seikphyu area also recorded the price rise of K2,600 on 10 October to K3,200 per viss on 14 October, according to a market data of that area.
Meanwhile, onions from the Myingyan area were worth K2,700-K3,100 on 13 October. The maximum price hit K3,300-K3,900 on 14 October.
Furthermore, the onions at Pakokku depot also fetched K3,100-K3,200 on 13 and 14 October.
Torrential rains in Vietnam 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 I n the onion producing regions.
Between 3 and 7 October, 750,000 visses of onions from various regions flowed into Yangon markets. The volume of onion supply declined to 324,000 visses within five days (10-14 October), according to Bayintnaung market data.
The figures showed the supply to Yangon markets dropped by half in the five days of the second week of October compared to that of the first week. The prices, therefore, soared to a record high, said Ko Phyo, a dealer. The wholesale price of onions peaked at K3,900 per viss on 14 October.
The monsoon onions are likely to be affected by the rain these days. Therefore, the up movement of onion price is positively related to the entry of Chinese onions, a market observer pointed out.—TWA/GNLM