An onion trader said that 100,000 tonnes of Myanmar onions will be shipped in the 2023- 2024 financial year according to the Myanmar Trade Promotion Organization of Ministry of Commerce.
It is known from the onion market reports that an official from the Myanmar Kitchen Crops Association admitted the proposal to the MoC Union Minister for exporting surplus onions this month.
A total of 30,000 tonnes of onions will be shipped in the first quarter of 2023-2024 FY, 15,000 tonnes in the second quarter, 20,000 tonnes in the third quarter and 35,000 tonnes in the last quarter, it is learnt.
The first quarter of FY 2023-2024 is the time when hoarders buy and store summer onions.
As 30,000 tonnes of onions (about 18 million visses) will be exported in these three months, onion growers are likely to get higher prices than normal years.
Since the second quarter is the rainy season, only 15,000 tonnes of onions (about 9 million visses) were planned to export. A total of 20,000 tonnes of onion (approximately 12 million visses) will be shipped in the third quarter, when onion prices tend to rise to the highest level domestically. In the fourth quarter, 35,000 tonnes of onion (around 21 million visses) will be exported.
Domestic consumption per year is 667,811 tonnes and the total estimated surplus tonnage is 597,043. In 2014-2015, only 36,135 tonnes of onions, which is around six per cent of the estimated surplus tonnage, were able to be exported. At the end of 2019, there were purchases up to onion storage regions for export to Bangladesh.
Even though some onion hoarders said that the cultivation of winter onions produced in the summer of 2022 was less and the yield was reduced by a half due to weather issues, it is also known that 80,000 tonnes of onions were exported in mid- 2022.
The statements of hoarders are absurd if the consideration of the domestic consumption and over 190,000 acres of onion is made. It may just be a statement to increase the price of onions.
An onion trader told the GNLM that the official notification of exporting onions may not push up the onion price to the highest, but it can be used as a reason for price speculation by some traders.
Correct onion yield information reports can also be an excuse of commodity hoarders to push the unprecedented price hikes experienced by consumers.
The Monywa market stated that three truckloads of new rain-grown onions will be shipped from Monywa to Wam Ding, China border on 18 February. One truck will be loaded with around 20,000 visses and the charge of freight is K4.8 million.
The announced 100,000 tonnes of onions to be exported includes 65,000 tonnes for the summer onion sales period. — TWA/CT