October 31, 2016

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Low market supply increases onion price

Farmers work in the farmland in upper Myanmar to grow onion.  Photo: GNLM
Farmers work in the farmland in upper Myanmar to grow onion. Photo: GNLM

The low supply of onions has led to a price increase in recent days, it is learnt from the Bayintnaung commodity depot. Merchants are warned not to manipulate the price and efforts are being made to bring the price back to regular levels, said U Khin Han, the chairperson from the Myanmar Onion, Garlic and Culinary Crops Production and Exporting Association.
The price of onions has increased by Ks1,000 per viss at the Bayintnaung market due mostly to weather conditions that resulted in a lower yield, U Khin Han said.
On 20th October, the price of onions from Seikpyu, Monywa, Meikhtila, Myingyan and Minbu townships soared from Ks175 to Ks875 per viss. The current prevailing price of onions ranges from Ks500 to Ks1,600 per viss, it is learnt from the Agriculture and Market Information Agency (AMIA).
The volume of onion exports last year was 35,000 tonnes. About 30,000 tonnes of onions were exported to foreign countries so far this year. The export of onions fetched US$200-225 per tonne, it is learnt.
Myanmar exports onions to China and Thailand through border trade and to Indonesia, Malaysia and Viet Nam through normal trade. Currently, onion exports are suspended due to low supply, said U Khin Han.
During the previous year, the Ministry of Commerce gave permission to import onions from China and Thailand because of the exorbitant prices of domestic onions. Nearly 30 truckloads — about 200,000 visses of onions entered the Bayintnaung depot, it is reported.—Phyo Lwin Aung (AMIA)BL19_ONION_2515033f-copy

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