Chickpea price up by K40,000 per bag within one month

The price of chickpea remains in the bull market on the back of strong domestic demand, and the price rose by nearly K40,000 per three-basket bag, according to the Bayintnaung Wholesale Market.
The price was pegged at K90,000 per bag on 9 August, whereas the chickpea price spiked to over K129,000 per bag at present. The chickpea growers are fetching a good price amidst the low production this year, traders said.
“The export of chickpea came to a halt upon the closure of border posts by China. At present, the domestic bean market is positively related to the law of supply and demand, said a trader from the Bayintnaung market.
Myanmar exported chickpea to India, Pakistan, the UAE, Turkey and other foreign markets last year.  The chickpea is cultivated in Yangon, Mandalay, Bago, Sagaing and Ayeyawady regions and Nay Pyi Taw. There are 890,000 acres of chickpea across the country.
The peas are cultivated in October and November and they are harvested in January-April period.
More than 25,995 tonnes of chickpea were exported to foreign markets between 1 October and 20 August of the current financial year 2020-2021, with estimated value of US$15 million, the Commerce Ministry’s data indicated. — KK/GNLM