Black gram price down by K100,000 per tonne within two weeks

mk1 9
The black gram fetched only K1,307,000 per tonne in the domestic market on 14 December, whereas it touched a high of K1,425,000 per tonne (FAQ/RC) on 1 December.

​The price of black gram (urad called in India) significantly fell by over K100,000 per tonne within two weeks, according to the Yangon Region Chambers of Commerce and Industry (Bayintnaung Wholesale Centre).
The black gram fetched only K1,307,000 per tonne in the domestic market on 14 December, whereas it touched a high of K1,425,000 per tonne (FAQ/RC) on 1 December.
The supply of the newly harvested beans is attributed to the price drop. Furthermore, the black grams will be harvested in January as well. Consequently, the price is turning to a downside.
The pulses price is directly related to the international market so the price will fluctuate following the exchange rate. The prices of beans are unlikely to fall this month.
The rumours of the issuance of new currency notes (K20,000 and K50,000) shook up the local forex market. The exchange rate slightly rose from K1,880 on 8 December to above K1,900 on 9 December. Kyat weakening against the dollar will also cause the price to increase.
Last September, the prices hit an all-time high of K2 million per tonne tracking Kyat weakening against the US dollar in the local forex market when the black gram was highly demanded by the foreign trade partners.
Over 88,328 tonnes of black grams with an estimated value of US$77.5 million were shipped to the foreign trade partners as of 19 November in the current mini-budget period (October 2021- March 2022). Myanmar conveyed 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 1.24 million tonnes of pulses and beans valued at $966.4 million to foreign markets through the sea route and a $604.3 million value of 786,920 tonnes were sent to the neighbouring countries through the land borders. — NN/GNLM

Share this post
Hot News
Hot News