High influx of monsoon onion cuts price in Yangon market

High supply of monsoon onions to Yangon’s market brought down the price, according to the Bayintnaung Wholesale Commodity Centre.
More than 3.2 million visses of onions flowed into the depot each in November and December 2023.
Only on 19 January 2024, over three million visses of onions entered the centre, as per daily price report of the centre.
Excess supply in Yangon’s market cut the price, Ko Thein Myint, an onion seller on Yetamar Street of Bayintnaung Wholesale Commodity Centre told the Global New Light of Myanmar (GNLM).
The prices showed a drop of K900-K1,200 per visses over the past 15 days. The small size of onions drastically fell.
The onion prices moved in the ranged between K1,100 and K2,800 per viss depending on the sizes and producing areas (Myingyan, Seikphyu and Myittha) on 19 January 2024.
The prices stood at K1,600-K2,200 per viss recorded in the year-ago period.
Onion yield is estimated at 5,000 visses per acre in Myinmu Township. They can be harvested four months after cultivation. The onion output in Myingyan District is around 3.8 million visses, with a yield of 2,100 visses per acre.
New summer onions are expected to be supplied to Yangon’s market in March. There are around 100,000 acres of monsoon and summer onions, with the yield rate of 1 million tonnes.
Bayintnaung depot is a bustling market, handling 500 visses of onions per year. The traders involved in regions outside Yangon are heavily relying on the Bayintnaung market when there is a lack of global demand.
That market brings a great profit for the brokers. Thus, the traders eye the market and consumers are closely observing the market changes as well. — TWA/EM