Lablab bean price soars to over K210,000 per bag

The prices of lablab bean hit the highest of K215,000 per bag in the domestic market on the back of high demand, Mandalay market stated.
The prices of lablab bean went up in the Mandalay market from Chinese demand, coupling with competitive demand from local warehouse owners, according to the Mandalay pulses market.
Lablab bean fetched K93,000 per bag last year, as per price data of Soe Win Myint depot from Mandalay.
Lablab bean is highly consumed in the domestic market and it is also exported to foreign markets. Earlier, China did not buy lablab beans. Since 2013, it has started purchasing lablab beans. Chinese demand drove the lablab bean price up. The Kyat depreciation in the local forex market is another reason for a price hike.
At present, the Chinese is the main buyer of Myanmar’s lablab bean. The beans are also shipped to India and Japan. Additionally, Myanmar achieved to export lablab beans as ready-to-eat roasted beans to Singapore after value-adding.
The exports of lablab bean exceeded 19,422 tonnes in the financial year 2020-2021, generating a revenue of US$11.6 million, as per the Ministry of Commerce’s data.
The lablab beans are cold season crops and they are primarily grown in Mandalay, Sagaing and Magway regions. It is harvested in January. — KK/GNLM