Strong domestic demand drives chickpea price up

The price of chickpea is in the bull market on the back of strong domestic demand in July and the price surged to K100,000 per bag, according to Bayintnaung Wholesale Market.
At present, the price moved in the range of K92,000-100,000 per bag depending on the different varieties, whereas the chickpea was priced at K93,000 per bag in the maximum last month.
The chickpea growers are fetching a good price amidst the low production this year.
At present, the domestic bean market is positively related to the law of supply and demand.
“The prices usually fluctuate depending on supply and demand. When the peas are loaded on the ship, the prices also climb up,” said a trader from Mandalay who shared his opinion.
Myanmar exported chickpeas to India, Pakistan, UAE, Turkey and other foreign markets last year.
The chickpeas are cultivated in Yangon, Mandalay, Bago, Sagaing and Ayeyawady regions and Nay Pyi Taw. There are 890,000 acres of chickpeas across the country.
The peas are cultivated in October and November and they are harvested in the January-April period.
More than 23,675 tonnes of chickpeas were exported to foreign markets between 1 October and 25 June of the current financial year 2020-2021, with an estimated value of US$13.9 million, the Commerce Ministry’s data indicated. – KK/GNLM