Black bean price drops below K1.3 mln per tonne

The price of black bean has dropped to below K1.3 million per tonne, according to the Yangon Region Chambers of Commerce and Industry (Bayintnaung Brokerage).
Currently, the black bean price has plummeted under K1.3 million starting from 17 December. But, the price fetched K1,275,000 on 18 December, according to the bean market data.
The price of black beans has dropped because of the entry of new harvested black beans grown in central Myanmar and the other verity pulses from the delta regions in the market.
Besides, the black bean prices are inching downwards because the new black bean will be harvested again next January, February and March.
Nevertheless, the domestic bean price is positively linked to the international markets and it may change depending upon the foreign exchange rate, according to bean traders.
Last September, the rising of foreign exchange rates caused the exported variety pulses price to remain on an upward trend.
The price of black beans stood at K200,000 per three-basket bag in the domestic market.
From 1 October to 19 November in the 2021-22 financial year, the country shipped US$135.546 million worth of 160792.537 tonnes of pulses and beans to foreign markets through the sea route, and $8.458 million valued at 9,034.826 tonnes were sent to the neighbouring countries through border route.
In the 2020-21FY, Myanmar shipped a total of 2,029,695.882 tonnes of beans and pulses to foreign markets through border routes and sea routes, fetching over US$ 1,570.707 million, according to the figure released by the ministry. — NN/GNLM