Black bean price jumps to above K1.1 mln per tonne on India demand

A worker piling the bag of beans in a warehouse.  Photo: Min Htet Aung

By Nyein Nyein

Following the notification released by India concerning 150,000 tonnes of the black bean import quota, the domestic price of black beans soared to above K1.1 million per tonne, the trade data of Yangon Region Chamber of Commerce and Industry (Bayintnaung commodity depot) showed.
The black bean fetched around K107,000 per tonne in September-end. After the Ministry of Commerce and Industry of India notified the quota for black bean import on 1 October, the prices climbed up to K1,130,000 per tonne. The notification stated India’s companies would get import licence for an equivalent amount of bean import. The import deadline will be on March-end, 2021.
Earlier, India issued the notification to import 400,000 tons of black beans by March-end 2021. On 22 May. Then, India rapidly changed the import period of black bean to three months by August-end 2020 from the earlier set deadline of March 2021, as per their official notice.
However, Myanmar cannot export the entire quota by August-end deadline. Consequently, Myanmar’s bean body asked to extend the August-end deadline, and India still has not responded to the request. They reissued the notification to buy 150,000 tonnes of black bean from Myanmar instead.
Myanmar exported about 100,000 tonnes of black beans out of 400,000 tonnes to India by August-end, Myanmar Pulses, Beans and Sesame Seeds Merchants Association stated. “India extended import deadline as they experienced some damages to their farms due to erratic weather, resulting in yield drop,” the traders shared their opinions.
Myanmar is the top producing country of black bean that India demands. Besides Myanmar, other beans such as pigeon peas, green grams and yellow peas, are also grown in Australia and Africa, the association stated. (Translated by Ei Myat Mon)

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