Pulses prices hit new record

The prices of black grams and pigeon peas hit a fresh new peak, as per the Yangon Reign Chambers of Commerce and Industry (Bayintnaung Commodity Wholesale Centre).
The prices touched a high of K3.15 million per tonne of pigeon peas and K2.345 million per tonne of black grams on 1 August. The prices swelled up to K3.65 million per tonne of pigeon peas and K2.485 million per tonne of black grams on 18 August, showing a sharp increase of K500,000 per tonne of pigeon peas and K140,000 per tonne of black grams.
India’s demand is highly correlated with the prices of black grams and pigeon peas as the main buyer of Myanmar’s beans. The prices hit a record high of K2.46 million per tonne of black grams on 14 June and K3.33 million per tonne of pigeon peas on 5 June respectively on the back of strong demand by India. Therefore, the prevailing prices made a fresh new peak.
Myanmar shipped more than 580,000 tonnes of pulses, with an estimated value of over US$460 million, to foreign countries over the past four months of the 2023-2024 financial year beginning 1 April, according to the Ministry of Commerce.
Myanmar’s pulses exports crossed over $1.4 billion from over 1.9 million tonnes in the past financial year 2022-2023, the Ministry of Commerce’s statistics indicated.
Myanmar primarily exports black gram, green gram and pigeon peas to foreign markets. Of them, black gram and pigeon peas are mostly conveyed to India while green grams are shipped to China and Europe.
India has growing demand and consumption requirements for black gram and pigeon peas. According to a Memorandum of Understanding between Myanmar and India signed on 18 June 2021, India will import 250,000 tonnes of black gram and 100,000 tonnes of pigeon peas (tur) from Myanmar for five consecutive years from 2021-2022 financial year to 2025-2026 FY. This G-to-G pact will not affect the pulses’ annual quota set by India. Myanmar’s exporters are also entitled to deliver the pulses to India under that annual quota.
Black grams that India primarily purchases are commonly found only in Myanmar, whereas pigeon peas, green grams and chickpeas are grown in African countries and Australia, according to the Myanmar Pulses, Beans, Maize and Sesame Seeds Merchants Association. — NN/EM