Black bean price down in local market as Indian demand lessens

The black bean price in the local market has been brought down by less demand for black bean from India, according to the official statistics from Yangon Region Chambers of Commerce and Industry (Bayintnaung).
Although the price of black bean reached about K1.1 million per tonne on 1 November, it is now K1.04 million per tonne on 20 November, a decrease of over K66,000 per tonne.
“The price of black bean has dropped in the local market, and it can be attributed to less demand from India. Fluctuations in the local pulses market depend on the supply and demand,” said U Min Ko Oo, the secretary of Myanmar Pulses, Beans and Sesame Seeds Merchants Association. The country has less than 100,000 tonnes of black bean and about 30,000 tonnes of pigeon pea stocks, according to the association. The Ministry of Commerce and Industry of India has issued a 150,000 tonnes import quota for black beans on 1 October. And those who have export licences in Myanmar have the chance to do so until March 2021.
Although there are fewer stockpiles of black bean in the country, we can meet the target of 150,000 tonnes import quota when the new black beans are harvested, he explained.
Previously, India made a statement to import 400,000 tonnes of black bean not later than March 2021. However, on 22 May, India rapidly changed the import period of black bean to three months by August-end 2020 from the earlier set deadline.
Although the bean body has asked the extension of the August-end deadline, India has not responded yet to the request. However, the Indian government issued a statement to buy about 150,000 tonnes of black beans from Myanmar on 1 October.
At present, Myanmar exported only 100,000 tonnes of black beans, according to the association.
Since 2017, India has been setting import quota on beans, including black beans and pigeon peas. Myanmar has to export black beans and pigeon peas under a quota system and a limit period. Consequently, there is no guarantee that we could get the prevailing market price next year; the market observers shared their opinions.
Following the no assurance of black beans and pigeon peas in the markets, the association suggested on the end-October that the local farmers should grow black-eyed beans more.  (Translated by Hay Mar)

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