Onion prices continue to decline amid high supply

 

FOLLOWING 300,000 visses of onion supply from various regions on 28 March, the price plunge of onion persisted in Yangon’s market.

The wholesale prices stood at K1,700-K3,100 per viss on that day, dropping from K1,900-K3,300 per viss on 21 March.

Yangon’s Bayintnaung market saw an influx of 240,000 visses of onion on 25 March, 180,000 visses on 26 March and 300,000 visses on 28 March, respectively, totalling 720,000 visses in the past three days.

“There is a demand from traders only to resell them these days. The new onions are flooding the market for now. The prices vary depending on the moisture content and maturity period. The prices have decreased compared with the opening price of the season,” U Aung Tun, a trader, told the Global New Light of Myanmar (GNLM).

The prevailing prices are higher than those of the corresponding period last year. Prices were registered at K775-K2,000 per viss on 28 March 2023.

The prices hit a record high for onions in the last months of 2015, 2019, 2022, and 2023. The prices peaked at K5,100 per viss in 2022 and 2023. Traders who store the stocks rather than exporters mostly purchase them. The growers of summer onion are likely to receive around K1,500 per viss at present.

TWA/EM

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