Onion prices soar to over K2,000 per viss

 

July 29

 

The prices of onion climbed to over K2,000 per viss (a viss equals 1.6 kilogrammes), according to Yangon Region Chambers of Commerce and Industry (Bayintnaung Wholesale Centre).

 

On 1 July, the prices moved in the range of K1,200 to K1,700 per viss depending on varieties, whereas onion prices reached the highest of K1,400 to K2,100 per viss on 28 July.

 

The figures reflected an increase of K300 to K400 per viss in one month.

 

The low stock and high demand pushed up the prices in the domestic market. The stock is getting smaller yet growers are happy with the current market price. Monsoon onion season has not arrived yet. The onions are likely to receive a higher price. Last year, growers did not even cover the cultivation cost. The market fallouts happened when China, the leading buyer of Myanmar’s onion, shut down the border amid the COVID-19 restrictions and trade completely halted.

 

According to 2018-2019 FY’S data from the Ministry of Agriculture, Livestock and Irrigation, there were over 170,000 acres of onion plantations. The per-acre yield is estimated at over 3,600 visses per acre. Mandalay Region constitutes 36 per cent of overall production, followed by Sagaing Region with 32 per cent and Magway Region with 26 per cent. — NN/GNLM