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Myanmar bean market sees high potential on possible demand of India

LOCAL NEWS

Myanmar beans and pulses market is expected to grow on the back of the prospective buyer India, the bean traders said.
Indian growers experienced severe weather damage to beans. Consequently, the demand will certainly rise in the coming months.
India’s Ministry of Agriculture and Farmers Welfare approved to import of not only black gram but also other pulses from Myanmar, with relaxations of conditions regarding clearance consignment up to 30 December 2021.
The prices of beans are positively related to the exchange rate and so, the price is unlikely to fall until December.
Last September, the bean price reached an exorbitant high tracking the Kyat weakening in the local forex market.
At present, Kyat is regaining in the local forex market and the prices of beans and pulses have decreased accordingly. The prices per basket stood at K44,000 for green gram (Shwe Wah) variety, 40,000 for green gram, 46,000 for black gram, K39,000 for black-eyed bean, K36,000 for cowpea, K50,000 for soybean and K59,000 for peanut.
Despite the drop in bean prices, the agricultural input cost remains unchanged and stays high. The local growers will face a high input burden in the coming cold crop season.
Myanmar conveyed US$1.57 billion worth of over two million tonnes of various pulses to foreign trade partners last financial year 2020-2021. The country shipped $966.4 million valued at 1.24 million tonnes of pulses and beans to foreign markets through the sea route, and $604.3 million valued 786,920 tonnes were sent to the neighbouring countries through the land borders. — NN/GNLM

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