Domestic black bean price hikes up to over K1.3 million per tonne

The price of black bean in the domestic market has hiked up to 1,315,000 per tonne, according to the Yangon Region Chambers of Commerce and Industry (Bayintnaung Brokerage).
Although the black bean price on 1 May was K 888,500 per tonne, the price jumped to about K 1,315,000 per tonne on 12 August, an increase of over K 420,000 per tonne in over three months, according to the bean market data.
The price of black bean has risen when India, the primary buyer of Myanmar pluses, has redefined black bean, green gram and pigeon pea from a restricted commodity to a free import commodity. That is the reason the black bean price reached over K1.3 million per tonne that recorded in the end of 2019.
Since 2017, India has been setting import quota on beans, including black beans and pigeon pea under India government plus foreign trade policy for 2015-2020.
At present, the Ministry of Commerce and Industry of India issued proclamation S.O.1858 (E) on 15 May 2021 that the three pulses have been changed from a restricted commodity to a free import commodity as of 31 October, 2021.
The issuance of bill of lading to import pigeon pea, green gram and black bean needs to be completed by 31 October, 2021 and the port clearance of imported cargos should be completed by 30 November, the Ministry of Commerce and Industry of India notified.
A memorandum of understanding was signed on 18 June to export a total of 350,000 tonnes of Myanmar pulses including 250,000 tonnes of black bean and 100,000 tonnes of pigeon pea to India in five consecutive years (from 2021-22 FY to 2025-56 FY), according to the Ministry of Commerce.
The black bean plantations are yielding around 400,000 tonnes annually in Myanmar. Besides, Myanmar has also produced about 50,000 tonnes of pigeon peas yearly. The black bean, which is mainly bought from India, is mainly grown in Myanmar. Other pulses including green gram and pigeon pea are grown in Africa and Australia in addition to Myanmar, according to Myanmar Pulses, Beans and Sesame Seeds Merchants Association.—NN/GNLM