CNI News

14 July 2023

Local onion price increased with one viss at 2,300 Kyat in May and June when a lot of onions were bought from abroad, but currenet price is just 1,500 Kyat to 1,800 a viss, according to the onion wholesale markets from Pakokku and Myingyan. 
Because the traders who will export bought onion reducing 100 Kyat for a viss than before, onion price has decreased a little reportedly. 
Moreover, because Monywa peasants came and sold their onions that they had stored for long according to their regional instability, onion price has decreased, said U Aung Myint, an onion trader from Myingyan Township to CNI News.  

" 100 to 120 Kyat a viss has decreased because are their roads not good or don't they make much profit in the market there, I'm not sure. And traders who export also reduce price a little. Exporters are buying onions now as well. When they reduce, we have to reduce. They regularly bought a viss at 2,100 Kyat to 2150 before. But now they only pay 1,9500 Kyat to 2,000 Kyat. May be it's because Monywa peasants are selling a lot. Sellers from Monywa didn't use to sell their onions at the time of the year. They are forced to sell by their regional instability."said U Aung Myint.

 bags of onions coming to a commodity depot

Onion price has decreased a little in the wholesale market, but has not decreased in the retail market because retailers had bought onions when the price was going up.   Onion price is just 1,500 to 1,800 Kyat a viss in the Bayintnaung Wholesale Market in Yangon. 
However, onion price may go up again because buyers from abroad tend to buy onions a  lot from July on. Traders have not stored a lot of onion this year and a lot of onions are only in the hands of peasants. So, if peasants regulate their selling, it may benefit them, said an onion trader to CNI News.

"Normally, July, August and September are the months that the onion price tend to go up. Last year, the price was going up in August, September and October. In these months, traders from Vietnam came and bought onions. They bought a viss at over 2,000 Kyat to over 3,000 Kyat. But the price is related to exporting and export channels. Moreover, it depends on the financial markets a lot. This year, when urban traders would buy and store in their warehouses, onion prices were 1,500,1,600, 1,700, 1,800 to 2,000 Kyat. So, there are not onions in the urban warehouses. That's why if peasants cleverly sell their onions, they'll get paid much more money" he said.

Among the rest of onions, there are almost no more onions from Myitthar and Taungdwin Gyi and there are only onions from Monywa, Pakokku and Myingyan. 
Traders have only one third of onions and two third are in the hands of peasants, said traders.