Onion prices decrease as market shifts to solely rely on domestic demand

  • Tue, 28 November 2023

Onion prices decrease as market shifts to solely rely on domestic demand

The onion market is heavily reliant on domestic markets owing to the absence of foreign markets in mid-November. Additionally, new monsoon onions are soon to enter the Yangon market, as per onion depots in Yetama Street at Bayintnaung Wholesale Market.

As there is a large stockpile of onion in Yangon’s market, traders involved in the Bayintnaung market notified the suppliers to delay new monsoon onion delivery to Yangon’s market, traders who supply onions to Yangon market said.

Large onion stocks in some regions might lead to further price drops, said a trader from the delta region. With around 90,000 visses of onions flowing into Yangon’s market on 14 November, the prices of summer onions declined to K2,300-3,700 per viss depending on sizes and producing areas. The prices showed a decrease of K200-400 per viss compared to those of the previous week.

The prices touched a high of K3,400-4,300 per viss in the corresponding period last year.

Between 6 and 11 November, the market saw a daily supply of 150,000 visses of onions each. About 180,000 visses of onions entered Yangon on 13 November. 

Source https://www.gnlm.com.mm/onion-prices-decrease-as-market-shifts-to-solely-rely-on-domestic-demand/

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