Domestic black bean price rises to K 1.1 bln per tonne

The domestic black bean price has elevated to K 1,110,000 per tonne, according to the Yangon Region Chamber of Commerce and Industry (Bayintnaung Commodity Depot).
Although the black bean price on 1 May was K 888,500 per tonne, the price skipped to about K 1,110,000 per tonne on 17 June, an increase of around K 221,500 per tonne in over one month, according to the bean market data.
The price of black bean has increased 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.
However, the price has not yet reached  the price that hit K 1.3 million per tonne at the end of 2019.
Since 2017, India has been setting import quota on beans, including black beans and pigeon peas 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.
The black bean plantations are yielding around 400,000 tonnes annually in Myanmar, and the bean is mainly exported to India. Similarly, Myanmar has also produced about 50,000 tonnes of pigeon peas yearly and exported them chiefly to India.
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