Lablab bean price up by K30,000 per bag within two weeks

The prices of lablab bean stay in the bull market on the back of high demand, with a sharp increase of K30,000 per bag within two weeks, according to Mandalay market’s price data.
It hit a high of K215,000 per bag in the domestic market on 8 November and now reached a fresh peak of K245,000 per bag in the last week of November, Mandalay market stated.
The prices of lablab bean went up in Mandalay market based on Chinese demand, coupling with competitive demand from local warehouse owners, according to Mandalay pulses market.
Lablab bean is highly consumed in domestic market and it is also exported to foreign markets. Earlier, China did not buy lablab bean. Since 2013, it has started purchasing lablab bean. Chinese demand drove the lablab bean price up. The Kyat depreciation in the local forex market is another reason of price hike.
At present, China is the main buyer of Myanmar’s lablab bean. The beans are also shipped to India and Japan. Additionally, Myanmar achieved to export lablab bean as instant roasted beans to Singapore after value-adding.
The exports of lablab bean exceeded 19,422 tonnes in the financial year 2020-2021, generating revenue of US$11.6 million, as per the Ministry of Commerce’s data.
The lablab beans are winter crop and they are primarily grown in Mandalay, Sagaing and Magway regions. It is harvested in January.—KK/GNLM