Yangon market sees dip in onion prices in early 2024

With an influx of 180,000 visses of onions from various regions to Yangon’s market on 2 January 2024, the prices of onions slightly decreased to K1,900-K3,700 per viss depending on varieties and producing areas (Myingyan, Seikphyu, Myittha).
The prices stood at K1,900-K4,000 per viss in the wholesale market on 1 January with 220,000 visses of onions supplied to Yangon’s market. The large onion from the Myittha area fetched K4,700 per viss on 28 December 2023.
Nonetheless, the prevailing prices of onions are still higher than those (K1,700-K2,500 per viss) registered in the corresponding period last year.
There are around 180,000 acres of onion across the country. Myanmar aims to achieve onion exports of 100,000 tonnes in the current 2023-2024 financial year. The leading onion exporting country India banned onion export on 8 December 2023 on the low output. India accounts for half of onion imports from Asian countries rather than Egypt and China. India annually exports 670,000 tonnes of onions to Bangladesh. India’s ban on onion export might pose difficulties to some Asian countries.
Myanmar also experienced a low yield of onions due to erratic weather conditions in late 2023. Consequently, Myanmar’s onion market is likely to raise its head again, onion traders forecast. — TWA/KK

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