Black bean price up over K60,000 per tonne due to high demand from India

17 Oct

The price of black bean in the domestic market rose by over K60,000 per tonne in three weeks because of demand from India, according to the official data of Yangon Region Chamber of Commerce and Industry (Bayintnaung Commodity Depot).

Although the price of the black bean was only K1,072,500 per tonne on 1 October, the black bean price rose to K1,135,000 per tonne on 16 October in three weeks. The Ministry of Commerce and Industry of India has issued to import 150,000 tonnes of black bean from Myanmar on 1 October to fulfil the need for bean in India. The notification stated that India’s companies would get import licence for an equivalent amount of bean import. The import deadline will be on March-end 2021.

Earlier, India issued a notification to import 400,000 tonnes of black beans by March-end 2021. On 22 May, India rapidly changed the import period of black bean to three months by August-end 2020 from the earlier set deadline of March 2021. However, Myanmar cannot export the entire quota by August-end deadline. Consequently, Myanmar’s bean body asked to extend the August-end deadline, and India still has not responded to the request. Instead, India reissued a notification to buy 150,000 tonnes of black bean from Myanmar.

Myanmar exported only about 100,000 tonnes of black bean out of 400,000 tonnes to India, according to Myanmar Pulses, Beans and Sesame Seeds Merchants Association.

Some Myanmar traders assumed that India has planned to import black bean from the neighbouring countries although this is the time of yield of the black bean in India. They have a lower production of black bean caused by erratic weather.

Myanmar is the primary grower of black bean, which is highly demanded from India. Besides Myanmar, Australia and Africa grow other kinds of peas such as pigeon peas, green grams and yellow peas, according to the MPBSSMA.  

(Translated by Hay Mar)