Lack of foreign demand drives monsoon onion prices down

 

December 30

 

The price of monsoon onions remains on a downward trend due to a lack of foreign demand.

 

It is the abundant harvest season of onions in Myanmar’s onion-importing countries (Thailand and Viet Nam) so there is no demand in the border market as well. That being so, the price is likely to drop.

 

The wholesale price of new monsoon onions stood at K4,400-4,800 per viss depending on the producing areas (Myingyan and Myittha) on 9 December. After 13 days, the price fell to K1,900-2,100 per viss.

 

On 26 December, new monsoon onions from various regions were priced at K1,700-2,700 per viss in the wholesale market, Ko Swe, an onion and potato seller from Nyaungpilay market, told the Global New Light of Myanmar (GNLM).

 

Nonetheless, the price is still higher than those in the corresponding periods of 2020 and 2021. The onions were worth K150-700 per viss on 27 December 2021 and K200-450 per viss on 26 December 2020 respectively.

 

The retail prices of onions are US$1.06 per kilo in the neighbouring country Thailand, $1.25 in Viet Nam and $0.47 in Bangladesh and $0.41 in India, according to price data of foreign markets. The retail price of onions in Myanmar is $0.70 per kilo.

 

Only two months are remaining for new summer onions to enter the market. The growers expect they will fetch a good price of above K1,000 per viss. The price is usually K600 per viss at the harvest time of summer onions.

 

In 2022, those traders who kept the stocks in their hands sold them at an exorbitant price which is five times as much as the original price. In November-December, the record price was seven-fold.

 

Those traders in possession of old summer onions had waste (one-fourth of a whole). The net profit is estimated at K2,000 per viss. – TWA/EMM