Yangon market sees dip in onion prices in early 2024

With an influx of 180,000 visses of onions from various regions to Yangon’s market on 2 January 2024, the prices of onions slight­ly decreased to K1,900-K3,700 per viss depending on varieties and producing areas (Myingyan, Seikphyu, Myittha).


The prices stood at K1,900-K4,000 per viss in the wholesale market on 1 January with 220,000 visses of onions sup­plied to Yangon’s market. The large onion from the Myittha area fetched K4,700 per viss on 28 De­cember 2023.


Nonetheless, the prevailing prices of onions are still higher than those (K1,700-K2,500 per viss) registered in the corre­sponding period last year.


There are around 180,000 acres of onion across the coun­try. Myanmar aims to achieve onion exports of 100,000 tonnes in the current 2023-2024 financial year. The leading onion exporting country India banned onion ex­port on 8 December 2023 on the low output. India accounts for half of onion imports from Asian coun­tries rather than Egypt and Chi­na. India annually exports 670,000 tonnes of onions to Bangladesh. India’s ban on onion export might pose difficulties to some Asian countries.


Myanmar also experienced a low yield of onions due to erratic weather conditions in late 2023. Consequently, Myanmar’s onion market is likely to raise its head again, onion traders forecast. — TWA/KK