March 23
THE prices of black gram (urad called in India) and pigeon pea are expected to remain upward trend amid the low supply.
At present, the exchange rate of a US dollar stands at around K2,000 in the informal financial market and the prices of black gram soared to over K1.435 million accordingly. Similarly, the pigeon pea prices rose to K1.415 million, as per the data of the Yangon Region Chambers of Commerce and Industry (Bayintnaung Wholesale Centre).
Myanmar can export 250,000 tonnes of black gram (urad) and 100,000 tonnes of pigeon pea under the G-to-G pact during the April-March period. So far, the export volume has surpassed the set quota. Additionally, India extended relaxations of conditions regarding clearance consignment until 31 March 2022.
Myanmar is the top producing country of black gram that India demands, with a yearly production of approximately 400,000 tonnes.
The price of black gram hit an all-time high of K2 million per tonne on 29 September tracking the Kyat devaluation (K3,000) on the US dollar.
Myanmar’s pigeon pea is primarily shipped to India and also exported to Singapore, the US, Canada, Pakistan, the UK, and Malaysia. But, the export volume to other countries rather than to India is extremely small.
The domestic bean market is positively related to the law of supply and demand, said an official of Myanmar Pulses, Beans and Sesame Seeds Merchants Association.
Myanmar has generated US$251 million from exports of over 320,000 metric tons of black gram and $68.48 million from over 103,000 metric tons of pigeon pea as of 11 March in the current mini-budget period since October 2021, the Ministry of Commerce’s statistics indicated. — KK/GNLM
