Black bean prices plunge by K20,000 per tonne amidst India low demand

Merchants are evaluating prices of various kinds of bean at the bean and pulses wholesale centre in Mandalay.  File Photo/gnlm
Merchants are evaluating prices of various kinds of bean at the bean and pulses wholesale centre in Mandalay.  File Photo/gnlm

The low demand by India brought down the black bean prices in the domestic market, according to Myanmar Pulses, Beans and Sesame Seeds Merchants Association.
The prices of the black bean are pegged at around K970,000 per tonne in mid-July. The price plunged to K950,000 per tonne in early August, according to data of the Bayintnaung market.
India rapidly changed the import period to three months by August-end 2020 from the earlier set deadline of March 2021, as per their official notice.
With the changes in India’s policy on bean importation, Myanmar still falls short of the target. The growers have already sold out the beans and they are in the hands of traders. They have stockpiled around 200,000-250,000 tonnes of black beans, the association stated.
“Myanmar cannot ship the entire quota by the deadline in any possible way. India’s companies have been granted import licence from early July, while some have not received licence until now. Therefore, trading can start in mid-July. If the deadline is April-end, the country can ship only 20 per cent of quota (approximately 80,000 tonnes), U Min Ko Oo, secretary of the association said.
“At present, Myanmar’s Commerce Ministry has requested India’s government to extend the import deadline. Earlier, the import quota of 400,000 tonnes of black beans was set for the 2020-2021 financial year. Later, they narrowed the deadline by August-end. We requested the deadline extension to ship the whole quota,” said an official of Myanmar Trade Promotion Organization.
Myanmar is the top producing country of black bean that India demands. Besides Myanmar, Australia and Africa grow other kinds of peas such as pigeon peas, green grams and yellow peas, the association stated. – GNLM (Translated by Ei Myat Mon)

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