CNI News

17 Sept 2022

As onion prices rose dramatically, some merchants imported onion from China but the demand was very low, according to Bayint Naung Commodity Exchange.

About 12 truckloads or more than 300,000 visses of onion were imported and stored in Bayint Naung Commodity Exchange. However, the demand was very low and prices could slip to MMK 1,000 per viss, Chairman U Khin Han of the Myanmar Onion, Garlic & Vegetable Produces' & Exporter Association told the CNI.

He said, “Some merchants thought that the prices could rise further and imported onion from China to get more profits. They have imported about 12 truckloads or 300,000 visses of onion. More onion is on the way. However, the demand was low and the prices dropped to MMK 2,600 per viss. As there was no demand and they had to lower the prices gradually to MMI 1,500 per viss. Onion prices were likely to fall to MMK 1,000 per viss.”

Onion and garlic.

Normally, Myanmar imports onion from China and India when domestic onion prices rise. However, there was no demand for imported onions this year.

Myanmar usually imports onion in November but had to import onion earlier as onion prices rose dramatically, according to onion merchants.

Domestic onion prices increased to MMK 3,200 per viss recently but the price fell to MMK 2,700 per viss when imported onion was available, U Hla Thaung, an onion merchant from Pakokku Township Merchants and Brokers Association, told the CNI.

Onions.

He told the CNI, “We were worried when we heard the news that onions were imported from China. Domestic onion prices fell to about MMK 2,500 per viss. I don’t think the prices will drop further. Onion was imported from China this year earlier as the prices skyrocketed. However, onion importers suffered losses. There was no demand and prices of onion fell to around MMK 2,200 per viss.

Onion was imported from China while there was a large stock of domestic onion. Some merchants who store onion suffer losses as onions they stored began to sprout, according to the commodity exchange.

New onions will be harvested in November.

Onion farmers have hoped they will get higher prices when onion is harvested as they had to buy fertilizers this year at prices twice as much as previous years.