By Nyein Nyein
According to the Yangon Region Chamber of Commerce and Industry (Bayintnaung commodity depot), the black bean price plunged in the domestic market. “The black bean price is keeping its downward trend because India, the primary buyer of Myanmar pluses, controls its bean purchasing volume with their quota system. India’s purchasing system is based on the quota system. The price of beans has increased while the bean is highly demanded when India sets up the quota and issues the bean companies’ licences. Afterwards, the price of beans will plunge while the quota is almost completed. The demand has also declined,” said U Min Ko Oo Secretary of Myanmar Pulses, Beans and Sesame Seeds Merchants Association (MPBSSMA).
On 1 October, the Ministry of Commerce and Industry of India issued a notification to purchase 150,000 tonnes of black beans instead, and the import deadline is March 2021. The licence will be equally granted for India’s companies. Although the black bean’s price hit a high of K1,152,500 per tonne at the end of October 2020 because there was a demand from India, the price fell to about K923,000 per tonne on 3 February. Besides, Myanmar has already exported nearly 100,000 tonnes of black beans. The remaining 50,000 tonnes of beans will continuously be exported, according to MPBSSMA.
The newly-harvested black bean started to enter the market. The black bean plantations yielded around 400,000 tonnes annually, and the bean is mainly exported to India. Similarly, about 50,000 tonnes of pigeon peas are produced yearly and exported them. Myanmar has also produced about 50,000 tonnes of pigeon peas yearly and exported them chiefly to India.
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 limit period. Consequently, according to market observers, there is no guarantee that we could get the prevailing market price next year. Following no assurance of black beans and pigeon peas in the markets, the association suggested on the end-October that the local farmers grow the black-eyed beans more. (Translated by Hay Mar)