Summer onions flood Yangon market

NATIONAL NEWS

A bulk supply of onions from various regions to the Yangon market was estimated at 210,000 visses on 14 November 2022.
What a surprising event is no entry of summer onions to Pakokku depot. Only newly harvested monsoon onions are entering there. Meanwhile, old summer onions are supplied to the Yangon market only, as per the market reports.
There was a rumour of a shortage of summer onions in the regions outside Yangon, however, the dealers are still sending a large volume of summer onions to Yangon markets.
On 14 November, one truckload of Chinese onions, 12 truckloads of onions from the Myingyan area and eight truckloads of onions from the Seikphyu area entered the Yangon wholesale market. The news of the summer onions shortage circulating in the market was allegedly made by those traders who have the stocks in hand in the hope the price would rise.
When there is no stock left, they just stay silent. It is a kind of price manipulation in the market, said buyers.
On 14 November, traders set the opening price for onions only from Myingyan and Seikphyu areas depending on the quality. The warehouse sells the quality one at the opening price and the substandard one at K100-200 lower than the market price, according to an onion warehouse. On 15 November, the wholesale price stood at K3,700-4,300 per viss from the Myingyan area and K3,400-3,800 per viss from the Seikphyu area. Chinese onions were valued at K3,200 per viss.
On 13 November, following a supply of 15,000 visses of monsoon onions to the Pakokku market, the maximum price was K2,800 per viss. Similarly, the highest price is relatively set at K2,900 per viss at the Myingyan depot, tracking a supply of 8,000 visses of monsoon onions. On 14 November, monsoon onions hit the highest of K2,550 per viss at Pakokku commodity centre.
A total of 15,520 visses of summer onions entered the Myingyan depot on 14 November and the prices ranged between K3,600-3,800 per viss. About 12,960 visses of monsoon onions flowed into the Myingyan depot, with the prices moving between K1,000 and K2,800 per viss. The freight rate is K95/100 per viss from Myingyan to Yangon, K120 to Mawlamyine and K130 to Myawady, according to the price data issued by the respective depots.
Summer onions are shipped to Vietnam and Thailand through cross-border trade. Although new onions are flowing into those markets, the prices of Myanmar’s summer onions are still on the rise at the border. The price is expected to decline below K4,000 per viss by the end of November in Yangon markets, Ko Aung Win, a buyer told the GNLM.
The price is heading for a fall in Yangon markets. The monsoon onions possibly have low moisture content because of favourable weather conditions. Chinese onions also started to capture a market share due to cheaper prices and the same appearance as local ones. — TWA/GNLM

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