Myanmar ships over 520,000 tonnes of various pulses in Q1

vbVJ4cfF 19
Myanmar conveyed US$830.625 million worth of over 1.09 million tonnes of various beans and pulses to foreign trade partners between 1 October 2021 and 31 March 2022 in the mini-budget period.

Myanmar exported US$395.7 million worth of 522,332 metric tons of various pulses over the Q1 (1 April-8 July) in the current financial year 2022-2023, according to statistics released by the Ministry of Commerce.
India is the main buyer of Myanmar beans, especially black beans, green grams and pigeon peas. Besides India, Myanmar’s beans are purchased by Bangladesh, Pakistan, Nepal, UAE, Malaysia, Indonesia, China (Taipei), Japan, and European countries. But, the volume of demand by those countries is small, according to the domestic bean market.
India extended relaxations of conditions regarding clearance consignment for black gram (called urad in India) and pigeon peas until 31 March 2023.
High yield in India is rolling back the prices of black gram. The prevailing price of black gram is K1,537,000 per tonne, whereas the price peaked at K1,700,000 per tonne on 30 June. Meanwhile, pigeon pea prices increased to K1.45 million per tonne on account of strong demand.
After export earnings were set to be paid in dollars, the official exchange rate against the US dollar was set at K1,850. Meanwhile, a dollar is worth over K2,300 in an unauthorized FX market. The new policy hampered the export businesses, traders stressed.
The price of black gram hit an all-time high of K2 million per tonne on 29 September 2021 following Kyat weakening against the US dollar.
After Myanmar’s export ban on oil crops reversed, the prices of peanut and sesame prices inflated. The local oil millers are also increasingly purchasing them, scaling the stocks down, according to the commodity depots.
Myanmar conveyed $830.625 million worth of over 1.09 million tonnes of beans and pulses to foreign trade partners between 1 October 2021 and 31 March 2022 in the mini-budget period. The country shipped $780.156 million worth of over one million tonnes of pulses and beans to foreign markets through the sea route, and over 61,895 tonnes valued at $50.469 million were sent to the neighbouring countries through land borders. Myanmar’s agriculture sector is the backbone of the country’s economy and it contributes to over 30 per cent of Gross Domestic Product. The country primarily cultivates paddy, corn, cotton, sugarcane and pulses and beans. Its second-largest production is the pulses and beans, accounting for 33 per cent of agricultural produce and covering 20 per cent of growing acres. Among them, black beans, pigeon peas and green grams constitute 72 per cent of bean acreage. Other beans including peanut, chickpea, soybean, black-eyed beans, butter bean and rice bean are also grown in the country. — KK/GNLM

Share this post
Hot News
Hot News