Local price of black beans keeps plummeting amid lack of demand from India

PhotoMin Htet Aung
A man carries a bean bag at a warehouse in Yangon. Photo: Min Htet Aung

The price of black bean unceasingly plummeted in the local bean market for lack of the black bean demand from India, according to the data of Yangon Region Chamber of Commerce and Industry (Bayintnaung Commodity Depot).
The price of black bean hit K1,152,500 per tonne in the local market at the end of October because of good demand for the black bean from India. However, the black bean price dropped to K1,001,000 per tonne on 10 December, a decrease by over K150,000 per tonne.
On 1 October, the Ministry of Commerce and Industry of India has issued a 150,000-tonne import quota for black beans. The notification stated that India’s companies would get import licence for an equivalent volume of bean import. The import deadline will be March-end, 2021.
Currently, there are around below 100,000 tonnes of a stockpile of black beans in the country, according to Myanmar Pulses, Beans and Sesame Seeds Merchants Association.
Although the stockpile of the black bean is not enough, it can meet the target of 150,000 tonnes import quota when the new black beans would be harvested, said U Min Ko Oo, the secretary of Myanmar Pulses, Beans and Sesame Seeds Merchants Association.
Since 2017, India has been setting import quota for beans, including black beans and pigeon peas.
Myanmar has to export black beans and pigeon peas under a quota system and a limit period.
Consequently, there is no guarantee that we could get the prevailing market price next year; the market observers shared their opinions.
Following the no assurance of black beans and pigeon peas in the markets, the association suggested in the end-October that the local farmers should grow black-eyed beans more.  (Translated by Hay Mar)

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