Domestic black bean price hits record high of K1.66 mln per tonne

Myanmar domestic black bean has spiked to K1,660,000 per tonne, according to the Yangon Region Chambers of Commerce and Industry (Bayintnaung Commodity Depot).
Although the black bean price on 1 September was K1,348,000 per tonne, the price jumped to K1,660,000 per tonne on 24 September, an increase of over K310,000 per tonne in over 20 days, according to the bean market data.
The prices of Myanmar black beans were up owing to the Kyat depreciation in the local foreign market.
Currently, the US dollar exchange rate against the Myanmar kyat stood over K2,000 per dollar on 24 September.
Besides, 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. Since 2017, India has been setting import quota on beans, including black bean and pigeon pea under the Indian government pulse 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 the 2021-22FY to the 2025-26FY), 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