Onion price on downward trend despite foreign demand

 

June 06

 

Traders involved in border trade are purchasing summer onions to be exported to China and Thailand. Moreover, there is a high potential for Bangladesh to buy them as well. Yet, the price recorded in early June is still lower than that of May, traders stressed.

 

The onion price touched the highest of above K2,000 per viss (a viss equals 1.6 kilogrammes) in the Seikphyu, Pakokku and Myingyan markets in May. Nonetheless, the price dipped below K2,000 per viss on 4 June, the market data of those areas showed.

 

Next, the large-sized onions fetched up to K2,300 per viss in Yangon’s wholesale market on 6 May. The price touched a high of K2,100 per viss on 5 June. The price of onions is not that high in the Yangon market despite the foreign demand.

 

Earlier, the traders stored the summer onions at a low price. This year, they are closely observing the market price to stockpile them as the price is still higher compared to the previous years.

 

The farmers are keeping them in hand for now. They deliver the onions to the domestic markets based on the daily prices.

 

The prices of onions usually hit a higher peak at the end of December on the back of strong demand by foreign countries. The prices rocketed to K3,500-3,700 per viss in 2015 and 2019. The price moved in the range between K4,400 and K5,100 per viss in early December 2022.

 

During the harvest season of summer onion, the price was only K800 per viss. This year, it fetched K1,500 per viss. Thus, I could make a handsome profit this year, Ko Khin Maung, an onion trader from Pale township told the Global New Light of Myanmar (GNLM). — TWA/EM