Prices of both Chinese and local onions fall

The prices of large sized local onions in the Yangon market jumped to K3,850 per viss (a viss equals 1.6 kilogrammes) on 2 September 2022. Dumping through a free market perspective naturally occurs and Chinese onions are seen flooding Yangon markets at cheaper rates on 13 September.
The prices of Chinese onions plunged into K2,500 on 14 September, K2,100 on 15 September and K1,800 on 16 September respectively, Ko Lwin, a buyer of onions and potatoes, told the Global New Light of Myanmar (GNLM).
Prior to 2020, Chinese onions will be as large as apples. This year, the size of Chinese onions is relatively similar to the local ones, a buyer U Shwe Win told the GNLM. For the local onions, the big one fetched the highest price in the domestic markets. The housewives prefer the medium ones of good quality.
On 2 September 2022, onion prices ranged between K3,000 and K3,850 per viss. On 16 September, the price plummeted to K2,300-K2,800 per viss. Approximately 36,000 viss of onions were supplied to the Yangon market on 17 September. However, the prices stood at K2,500-K3,000 per viss respectively.
This year, monsoon onions were cultivated too soon in some regions. The locals guessed that newly harvested onions are likely to enter the market in the upcoming two months. The harvest season is expected to start early. The growers did not reap a handsome profit due to low stocks amid the record prices of onion this month. Yet, the high price becomes a strong motivation for the monsoon growers, Ko Tun Tauk, a buyer of onions told the GNLM.
There are only two months remaining for the monsoon onions to flow into the market. Yangon markets require only 70 viss during that period.
The price movements of onions answer whether there is an adequate supply in the domestic market or not, U San Myint, a market observer, told the GNLM.
When the local products are priced high in the domestic market, foreign ones can set foot in the Yangon market. If the export volume of onions is quite normal, the consumers do not need to be concerned over onions. —TWA/GNLM