Price on high side despite influx of monsoon onions

The price is still rising even though 990,000 viss of onions from various regions were supplied to the Bayintnaung Commodity Wholesale Centre between 13 and 17 February in the post-Chinese New Year and the post-Union Day, a trader Ko Phyo told the Global New Light of Myanmar (GNLM).
The price reached another high on 19 February despite the entry of 150,000 viss of onions. The wholesale prices of onion moved in the range between K1,300 and K3,100 per viss depending on producing areas (Seikphyu, Taungdwingyi, Myittha and Myingyan) and sizes on 13 February and moved up to K3,200 per viss on 19 February. A warehouse owner forecast that there is price rise potential for onions around 26 February as well. Before then, the price is expected to dip a bit.
The regions other than Yangon braced for high prices owing to low supply. The highest price was K2,200 per viss in Pakokku, Myingyan and Seikphyu areas on 19 February, which rose from K1,800 recorded in early February. The price of onions is strong when the harvest season of summer onions is near.
The onion prices stood at K1,000-K1,600 per viss on 18 February 2023 and surged to K5,100 per viss for large onions in late December 2023.
The profit of those traders who keep the stocks in hands depends on the summer onion output and foreign demand, some traders said.
Of dry kitchen grocery, only onions have foreign demand without importation. Meanwhile, imported garlic and potato share the markets with locally produced ones in the domestic market. — TWA/KK

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