Summer onion growers are not making much profit, unlike merchants which store the onions. A late harvest of onions resulted in the rise in price in early February, and the price could possibly turn downward in March, said local industry experts.
The domestic onion price is usually higher than the external price when merchants sell out their stocks at the end of year. However, the price goes back to normal when they come to purchase the onions form the growers in March.
The increase in the domestic onion price causes onions to be imported from abroad, which adversely affects the domestic market and leads to price declines.
The wholesale price of onions produced from Seikphyu Township was Ks1,600-2,100 per viss, whereas that from Myittha Township fetched Ks2,150 to 2,500 per viss in Yangon market on 2 February.
The price slightly dropped in the Yangon market despite the high inflow of onions into the market. On 11 February, the wholesale price of onions form Seikphyu Township was Ks900-1,450 per viss, whereas that from Myittha was Ks1,700 to 1,950 per viss.
The onions imported from India fetched Ks2,500 per viss on 2 February, whereas the price of those onions (large size) was Ks1,550 per viss on 8 February. The price of various sizes of onions was Ks1,250 per viss on 10 February, it is learnt.