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Black gram price soars to K1.52 mln per tonne

LOCAL NEWS

The prices of black gram (urad) remain on the upward trend and hit a record high of K1,521,000 per tonne for Special Quality (SQ), as per Bayintnaung’s brokerage data.
The black gram price rose by K30,000 per tonne in two weeks. It fetched only K1,260,000 per tonne for fair and average quality (FAQ) in late July 2021. On 9 August, the black gram was priced K1,291,000 per tonne for FAQ/RC and K1,521,000 for SQ/RC.
The price is expected to stay in bull market following decrease in sown acreage of India and closure of some warehouse and wholesale centres amid the COVID-19 crisis, exporters said.
Following the policy change of India’s pulses import, the prices of black gram will remain strong in the domestic market, according to the traders from Mandalay commodity depot.
The domestic bean market is positively related to the law of supply and demand. The price depends on the buyers and sellers, the traders pointed out.
As Myanmar is facing the rapid spread of COVID-19, agricultural exports to China through border posts also came to abrupt stop, resulting in the price slip in green gram, sesame and peanut.
Nonetheless, the prices of black bean and pigeon remain high on the back of strong demand by India.
Myanmar shipped over 509,014 tonnes of black gram to foreign countries as of 23 July, generating an income of US$390.538 million, according to the Ministry of Commerce.
Myanmar’s agriculture sector is the backbone of country’s economy and it contributes to over 30 per cent of Gross Domestic Products. The country primarily cultivates paddy, maize, cotton, sugarcane, various pulses and beans. Its second largest production is the pulses and beans, counting for 33 per cent of agricultural products and covering 20 per cent of growing acres. Among them, black gram, pigeon pea and green gram constitute 72 per cent of bean acreage. Other beans including peanut, chickpea, soybean, black eyed bean, butter bean and rice bean are also grown in the country.—Mon Mon/GNLM

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