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Black gram logs one-day price hike by K150,000 per tonne

LOCAL NEWS

The price of black gram jumped to K2,100,000 per tonne in the domestic pulses market, indicating a sharp rise of K150,000 per tonne.
On 30 August, the black gram fetched K1,953,000 per tonne. On 31 August, the prices skyrocketed to K2,100,000 per tonne. The figures showed an increase of over K1470,000 per tonne within one day.
Similarly, the pigeon pea price edged up from K2,025,000 to K2,120,000 per tonne on 31 August, showing a significant rise of K95,000 per tonne within one day.
The local currency depreciation against the US dollar was the main contributor to the price upsurge. A dollar is exchanged for over K4,000 in the unofficial market.
The Central Bank of Myanmar raised the reference exchange of a US dollar from K1,850 to K2,100 on 5 August. Shortly thereafter, the prices of various pulses move onwards.
According to a Memorandum of Understanding between Myanmar and India, India will import 250,000 tonnes of black gram and 100,000 tonnes of pigeon peas (tur) from Myanmar for five consecutive years from the 2021-2022 financial year to the 2025-2026FY.
The market is required to closely observe as the prices of black gram in Myanmar are highly correlated with India’s demand, fuel price hike and Kyat value against the hard currency US dollar.
Last September 2021, the prices hit a record high of K2 million per tonne when the US dollar exchange rate with Myanmar currency hit over K3,000 in the local forex market. The current market price made a new record.
Myanmar conveyed $481.6 million worth of over 622,780.79 tonnes of various beans and pulses to foreign trade partners between 1 April and 19 August 2022 in the current financial year 2022-2023. The country shipped $386.935 million worth of over 482,393.83 tonnes of pulses and beans to foreign markets through the sea route, and over 140,386 tonnes worth $94.67 million were sent to the neighbouring countries through land borders.
Myanmar exported US$1.57 billion worth of over 2 million tonnes of various pulses to foreign trade partners last financial year 2020-2021. The country shipped $966.4 million worth of 1.24 million tonnes of pulses and beans to foreign markets through sea route, and $604.3 million valued in 786,920 tonnes were sent to the neighbouring countries through land borders.
Myanmar yearly produces approximately 400,000 tonnes of black gram and about 50,000 tonnes of pigeon peas. Myanmar is the top producer of the black gram which is primarily demanded by India, while pigeon peas, green grams and chickpeas are cultivated in Australia and African countries besides Myanmar. — NN/GNLM

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