By Toe Wai Aung
The commodity prices have highly fluctuated and broken records with the highest prices in the Yangon commodity market in 2023 compared to recent years.
Prices of black gram, pigeon pea, rice, Kyukok garlic, Shan garlic, sugar, jaggery, sugarcane, and potato skyrocketed with record-breaking prices this year.
Chilli, which reached the highest price in 2022, encountered very low prices in 2023 which led the traders to experience net losses.
There was an unusual encounter with the palm oil market in mid-2023.
The prices of tamarinds have been stable for three consecutive years.
Although the traders who keep stocks of the varieties of the commodities gained profits in 2023, chilli and tamarind traders experienced losses.
Moreover, the year 2023 will yield more profits for the crop farmers.
Onion
Although the prices of old onion, on 2 December 2022, once peaked at K4,000- K4,700-K5,100 per viss and on 9 December 2022, the prices of rainy Myittha new onion were K3,700-K4,300-K4,500-K4,700 whereas Myingyan onion was K3,100-K3,900- K4,200-K4,400 per viss, prices of old onion on 12 December 2023 increased to K3,300- K4,300-K4,800-K5,100 per viss.
On 21 December, prices of Myingyan rainy onion (new) K2,000-K3,200- K3,400-K4,000 whereas Myittha onion was priced at K3,100-K3,900-K4,200-K4,700.
Summer onions were priced at K1,350- K1,575-K1,600-K1,350 per viss in late April 2023. Traders who keep onions gained fewer profits in 2023 rather than in 2022.
The farmers who grow monsoon onions gained more K1,500 per viss this year compared to that of 2022.
Before 2022, the peak prices of onions in the Yangon market were K3,700/3,800 per viss for large sizes in early December of 2015 and 2019. Onion exports in 2023 are fewer than that in 2022.
Garlic
The garlic prices skyrocketed at peak on 3 November 2023 as Kyukok garlic was priced at K16,000/K17,000 per viss whereas Shan Aungban garlic was priced at K12,000-K13,000-K14,000-K15,000 per viss. On 29 November, Kyukok garlic was priced at K10,000 per viss while Shan garlic (special size) was increased at K16,500-K17,000 per viss.
Thus, wholesale prices of both types of garlic in 2023 peaked at K17,000 per viss. It was four times higher than that of the highest prices usually trended in regular years.
Potato
It is unusual that in the daily reference rates for potatoes at the Yangon commodity market, Shan potato prices were not shown up to the middle of the year; only the prices of Chinese potatoes were displayed.
Chinese potato peaked at K4,200 per viss on 15 November as the record-breaking price for the whole potato market.
In late 2023, the potato prices were downward trending as the sandy old potato was priced at K2,600 per viss whereas red soiled new Chinese potato was priced at K2,450 per viss.
Chilli
The chilli, which marked a peak price in 2022, declined prices in 2023 despite skyrocketing prices of many commodities in 2023. Those who kept stocks of chilli in 2022 gained K10,000 per viss in profit.
However, many chilli traders encountered fewer profits in 2023.
In late 2022, both bell peppers and chilli with cold storage were priced at K31,000 per viss; Moehtaung chilli with cold storage was priced at K19,500 per viss; and long chilli with cold storage was priced at K21,000 per viss. In late 2023, bell pepper with cold storage was priced at K23,000/ 24,000 per viss and another type was priced at K19,500 per viss.
In the middle of 2023, the price of the Moehtaung chilli with cold storage was K16,000 per viss; the new Moehtaung chilli was priced at K9,500 in late November, K10,500-K11,000 on 29 December. The price of Shan Moehtaung chilli (new) was priced at K11,500 per viss in late December.
The Sinphyukyun bell pepper in late 2022 was K29,000 per viss in the market. However, it declined to K19,000 per viss in late 2023.
In late 2023, prices of bell peppers were Chinese bell pepper K19,500 per viss, zee bell pepper K14,500 per viss while Tharzi bell pepper (new) was K16,000 per viss.
Long chilli processed with cold storage was priced at K15,500 per viss in late 2023 whereas reddish pink long chilli from the Salin region was at K13,500 per viss on 29 December.
The Shan long chilli (new) was priced at K9,500 per viss in early December. However, it increased to K12,000 per viss on 29 December.
Rice
Prices of both smooth rice and rough rice skyrocketed this year.
In late 2023, a bag of Pawsan rice (old) from Ayeyawady Region was K150,000; from Shwebo was K170,000-K180,000; Pawsan rice (new) from Ayeyawady Region was K110,000-K120,000; from Shwebo was K140,000.
A bag of Pawkywe rice (new) was K100,000; (old) was K105,000; 90-day rough rice (old) was K95,000; double-cropping rice (old) was K82,000; monsoon rough rice (new) K68,000-K78,000.
In early January 2023, a bag of rough rice (new) was – 90-days rice (K49,000) and Pawkywe (K56,000); Pawsan in late 2022 was K72,000.
Pawsan rice from Ayeyawady Region was K65,000 per bag in late 2022. Therefore, the rice prices doubled in 2023.
The prices of reasonable rice that were sold by the rice NGO in early August 2022 to the consumers were – rough rice (K35,000-K37,000) per bag; Pawsan rice from Ayeyawady Region K52,000/K55,000, and Shwebo rice K75,000-K77,000.
However, the prices of rice sold by the rice NGO in early August of 2023 were – rough rice K60,000/K65,000, Ayeyawady Pawsan K94,000-K97,000 and Shwebo K110,000-K120,000.
Consumers encountered high rice prices in 2023; traders gained more profits than farmers in 2023.
Sugar/ jaggery
In early 2023, sugar price was K2,550-K2,650 per viss; raw jaggery from Pakkoku was K3,200 per viss; Yesagyo white jaggery was K3,700 per viss; and sugarcane K2,800 per viss. On 29 December, prices of sugar were K3,930 per viss; raw jaggery from Pakokku was K5,000 per viss; Yesagyo white jaggery was K5,800 per viss; and sugarcane K4,300 per viss.
Palm oil
Authorities took action against those who sold the palm oil at higher prices than the reference wholesale rate. The domestic distribution of palm oil was changed in the system commencing from early December. The palm oil for states and regions was directly offered by Yangon edible oil tanks to the respective districts.
The long queues that were waiting to purchase palm oil at Yangon Bayintnaung and Lanmadaw Nyaungpinlay market are observed vanishing. The reference wholesale price of palm oil in early 2023 was K4,770 per viss while it was K4,955 per viss in late 2023.
In early 2023, the palm oil price at the external market was K5,250 per viss. It was K9,000 per viss in the middle of the year. However, palm oil price at the external market was not publicized in late 2023 since selling at the external market was taken action.
The price of palm oil in the international market was US$965 per ton in early 2023. It was US$840 in late 2023.
Beans and pulses
On 23 December, black gram RC was K3,010,000 per ton; the price of pigeon pea was peaked at K4,150,000 per ton on 8 September.
However, black gram RC one ton was priced at K2,962,500 on 29 December 2023; red pigeon pea was at K3,250,000 per ton; green gram from Pakkoku was at K2,660-K2,920 per viss; Khayan Shwewah K3,750 per viss; and the price of chickpea was at K6,050-K6,250 per viss.
On 8 August, the price of green gram from Pakokku was at K3,660-K3,750 per viss; the highest prices in 2023 were Khayan Shwewah K4,000 on 9 June; and chick pea was K6,050-K6,250 per viss on 29 December.
Translated by TMT
