Black bean price drops K45,000 per bag in Mandalay market

Black bean prices have dropped by K45,000 per three-basket bag in the Mandalay pulses market these days due to currency fluctuation.
Besides, the other pulses such as pigeon pea, green gram, corn kernel have also declined by K10,000 per bag, according to the Mandalay pulses traders.
“The Mandalay bean trading is cool. The price of pulses keeps its downward trend because of the depreciation of Myanmar Kyat. The black bean price has declined by K45,000 per bag within a few days. Now, the price of black bean fetched K155,000 per bag while pigeon pea is sold for K122,000 per bag. The pigeon pea price was plunged by K28,000 per bag. The other verity of pulses are also dropped,” said an official from Mandalay pulses trading depot.
Last September, the exported pulses such as black bean, pigeon pea and green price were up owing to the Kyat depreciation in the local foreign market.
Currently, India, the primary buyer of Myanmar pluses, has redefined black bean, green gram and pigeon pea from a restricted commodity to a free import commodity. Since 2017, India has been setting import quota on beans, including black bean and pigeon pea under the Indian government pulse foreign trade policy for 2015-2020.
At present, the Ministry of Commerce and Industry of India issued proclamation S.O.1858 (E) on 15 May 2021 that the three pulses have been changed from a restricted commodity to a free import commodity as of 31 October 2021.
A memorandum of understanding was signed on 18 June to export a total of 350,000 tonnes of Myanmar pulses including 250,000 tonnes of black bean and 100,000 tonnes of pigeon pea to India in five consecutive years (from the 2021-22FY to the 2025-26FY), according to the Ministry of Commerce.
The black bean plantations are yielding around 400,000 tonnes annually in Myanmar. Moreover, Myanmar also produces about 50,000 tonnes of pigeon pea yearly. — ACM/GNLM