Red kidney bean price jumps to K4.5 mln per tonne on foreign demand

The price of red kidney beans has constantly increased in the Mandalay market on the back of robust domestic and foreign demand, hitting K4.5 million per tonne.
Beyond domestic consumption, China and India have been increasingly purchasing Myanmar’s kidney beans, elevating the price to the highest.
The price rally started in the last week of January. It surged to K4.558 million per tonne on 6 February from K3.855 million per tonne on 19 January.
The figures reflected a sharp rise of over K700,000 per tonne in the past three weeks.
Myanmar exports kidney beans to China, India, Japan, Singapore and other foreign countries via border and maritime trade channels. Myanmar shipped 59,425.711 tonnes of kidney beans worth US$50.31 million to foreign markets in the financial year 2022-2023 (April-March), the Ministry of Commerce’s statistics indicated.
Myanmar conveyed over 24,163 tonnes of kidney beans worth $29.77 million to foreign trade partners between 1 April and 26 January of the current FY 2023-2024, with an export volume of 12,147 tonnes worth $12.4 million through maritime trade and over 12,016 tonnes worth $17.364 million via border, as per the Ministry of Commerce’s statistics.
Kidney bean cultivation begins in October-November, and the beans are harvested in early February. They are grown in the upper Sagaing Region, Bhamo in Kachin State, Kayin State and along the Ayeyawady River. The beans produced from Katha and Bhamo townships are highly demanded in the domestic market because of their large size. — NN/EM