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Black gram price moves onwards reaching approximately K1.7 mln per tonne

LOCAL NEWS

The upward trend of black gram (urad in India) continues and hit a high of around K 1.7 million per tonne, according to the bean market.
On 1 June, it was priced at only K 1,456,500 per tonne, whereas it tremendously rose to K 1,693,500 per tonne on 29 June, reflecting an increase of over K 237,000 per tonne within one month.
The domestic black gram prices climbed as India, the main buyer of Myanmar’s black grams, has a growing need for bean consumption. Additionally, India’s government hiked the minimum support price (MSP) of pulses, from Rs 6,300 to Rs 6,600 for pigeon peas and black gram, Rs 7,275 to Rs 7,755 for green gram, Rs 3,950 to Rs 4,300 for soybean, Rs 7,307 and Rs 7,830 for sesame, Rs 6,015 to Rs 6,400 for sunflower and Rs 5,550 to Rs 5,850 for peanuts.
The price is expected to remain on upward trends if India’s demand grows. The prevailing prices of black grams in the domestic market are highly correlated with the rise in fuel oil prices and the exchange rate against the dollar.
In September 2021, the prices hit an all-time high of K2 million per tonne when the US dollar exchange rate with Myanmar currency hit over K3,000 in the local forex market.
India, the main buyer of Myanmar’s black grams, has a high consumption of black grams. Furthermore, it reexports them to the external market after processing the grams. The annual consumption of black grams in India is estimated at 2.7-2.8 million tonnes.
India extended relaxations of conditions regarding clearance consignment for black gram and pigeon peas until 31 March 2023.
Myanmar conveyed $322.411 million worth of over 426,643 tonnes of various beans and pulses to foreign trade partners between 1 April and 17 June in the current financial year 2022-2023. The country shipped over 331,814.583 tonnes of pulses and beans worth US$259.496 million to foreign markets through the sea route, and over 94,828 tonnes worth US$62.945 million were sent to the neighbouring countries through the land border.
Myanmar exported US$1.57 billion worth of over two million tonnes of various pulses to foreign trade partners last financial year 2020-2021. The country shipped US$966.4 million worth of 1.24 million tonnes of pulses and beans to foreign markets through the sea route, and US$604.3 million valued 786,920 tonnes were sent to the neighbouring countries through the land border.
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, black grams and chickpeas are cultivated in Australia and African countries besides Myanmar. — NN/GNLM

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