Chinese demand on kidney bean hikes price up by K10,000 per basket

THE price of red kidney beans (Phaseolus vulgaris) increased by over K10,000 per basket in early June 2022 on the back of robust China demand. High price prompted the traders keeping the stocks of kidney bean in hands to sell them, said U Tin Ko Ko, a trader from Monywa city.

“The price is up by K10,000 per basket on strong demand by China. Kidney beans from Phaungpyin, Homalin and Kalay areas previously flowed into Monywa market. There is no supply in the Monywa market at present. Those traders holding the beans are selling them,” he said.

Kidney beans were harvested in February in upper regions of the Chindwin River. The prices edged up to K55,000-K60,000 from K44,000 in the first week of June on account of Chinese demand.

Approximately 3,000-4,000 bags of kidney beans are traded per day in the Monywa market. Bean traders did a roaring business in the past week, U Tin Ko Ko elaborated.

elaborated. The red beans are cultivated both in monsoon and winter seasons. The cultivation of the beans has been moved to alluvial soil since four or five years ago to reap the high yield. — Lu Lay/ GNLM