Chilli pepper stocks are piled up at cold storage facilities and depots on the weak demand.
The chilli pepper prices further dropped to K4,500-4,600 per viss from K5,000 at Bayintnaung’s chilli pepper market, resulting from the daily ample supply from delta regions these days.
There is no space available to store the chilli peppers in cold storage areas in some industrial parks. Stacks of chilli pepper stocks are seen on the roadside and at the depots, unlike in previous years, leading to the price plunge, said a warehouse owner told The Global New Light of Myanmar (GNLM).
The prices of long chilli peppers move in the range between K4,500 and K6,500 per viss depending on the different varieties on 26 March. Meanwhile, the bell pepper prices were K9,000-11,000 per viss, and the Moehtaung chilli pepper was valued at K7,500-8,200 per viss.
That is an unusual event in history, as the chilli pepper supply exceeded the demand, causing piles of stocks outside of the warehouses. U Hla Tin, a trader who saw that sight, told the GNLM.
Of the commodities whose prices are declining in late March 2024, chilli pepper might reap a loss for growers. Traders who kept the chilli pepper stocks made a remarkable profit in 2022.
For now, the traders are closely observing the chilli pepper market on a daily basis. — TWA/KK
