News

A 20% increase in one month; Myanmar onion prices soar

Fresh Onion
Vegetables
Myanmar [Burma]
Regulation & Compliances
Market & Price Trends
Published Nov 21, 2023

Tridge summary

Bangladesh has resumed purchasing onions from Myanmar after India raised its export tax rate, leading to a surge in onion prices in Myanmar by about 20% in just one month. The price of onions in Myanmar reached its highest price of 3,950 kyats per tug in November, compared to 3,200 kyats in October. Despite a recent drop in prices, retail marketers have still faced a sharp increase in onion prices, with the price per tuft rising from 4,000 kyats to 5,000 kyats. Myanmar's onion producers and exporters are now seeking more export opportunities to avoid being solely dependent on a single market like Bangladesh.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

As India recently raised its export tax rate, Bangladesh has resumed purchasing onions from Myanmar, causing onion prices in Myanmar to surge by about 20% in just one month. ​ According to onion merchants, the price of onions at the trading station reached its highest price of 3,200 kyats per tug in October, and by November, this figure had jumped to 3,950 kyats. ​ Although the price of onions has dropped recently, with the price per tuft on November 14 being 3,700 kyats, retail marketers have to endure a sharp increase in onion prices compared to the past. In the past, the price of one tuft of onions was about 4,000 kyats. , but now it has risen to 5,000 kyats. ​ In addition to Bangladesh and Thailand, countries such as China and Vietnam have also purchased onions from Myanmar. However, ...
Source: Foodmate
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