The price of mung beans has been gradually increasing since September-end, and it is currently pegged above K800,000 per ton, according to a commodity depot in Yangon.
With India’s October-end bean import deadline approaching, bean and pulses are being traded daily at high prices. However, merchants are trying to ensure the trading volume is under control so there is no sudden spike in prices.
At present, mung beans are fetching K869,000 per ton in the Yangon market, an increase of K80,000 within one week.
At the 4th ASEAN-India Expo and Summit held last February, a Myanmar delegation, led by the Union Minister for Commerce and comprising pulses and beans merchants, forwarded a request to Indian government officials to purchase 400,000 tons of mung beans from Myanmar. But, there has been no response to the request, according to the association.
India, the main buyer of Myanmar pulses, has announced an import quota of 150,000 tons for mung beans and 200,000 tons for pigeon peas for exporter countries. The import deadline has been set for the end of this month.
Besides India, Myanmar beans are purchased by Bangladesh, Pakistan, Nepal, Dubai, Malaysia, Indonesia, China (Taipei), Japan, some ASEAN, and European countries. But, the volume of demand is small, according to the domestic pulses market.
The Ministry of Commerce has been conducting a series of discussions to sell Myanmar beans through government-to-government (G2G) pacts. In addition, the ministry has been exploring more external markets, said U Aung Htoo, the Deputy Minister for Commerce.
India’s move to restrict importation of pulses in August, 2017 severely affected growers in Myanmar. The price of pulses also plummeted drastically.
In the 2017-2018 fiscal year, over one million tons of mung beans, pigeon peas, and green grams were shipped to foreign countries. But, the earnings were registered at just $713 million owing to the price drop, according to data provided by the Ministry of Commerce.—GNLM (Translated by Ei Myat Mon)