23 Dec

The price of black bean continuously plummeted under K1 million per tonne in the local bean market for lack of demand for the black bean from India, according to the trade data stated by Yangon Region Chamber of Commerce and Industry (Bayintnaung Commodity Exchange).

Although the price of the domestic black bean hit K1,152,500 per tonne in the end–October because there was the demand from India, the cost of black bean fell to 974,000 per tonne on 22 December, which is a decrease by K180,000 per tonne.

On 1 October, the Ministry of Commerce and Industry of India issued a notification to purchase 150,000 tonnes of black beans and the import deadline is March 2021. 

The licence will be equally granted to India’s companies. Currently, Myanmar has stockpiled around under 100,000 tonnes of black bean in the local market, according to Myanmar Pulses, Beans and Sesame Seeds Merchants Association (MPBSSMA).

Although Myanmar does not have sufficient stock, for now, it can reach the quota of 150,000 tonnes along with the beans which will be harvested in the next season, said U Min Ko Oo, secretary of the MPBSSMA. Since 2017, India has been setting import quota on beans, including black bean and pigeon peas. Myanmar has to export black bean and pigeon peas under a quota system and limit period.

Consequently, there is no guarantee that we could get the prevailing market price next year; the market observers shared their opinions.

Following no assurance of black beans and pigeon peas in the markets, the association suggested on the end-October that the local farmers grow black-eyed beans more. 

By Nyein Nyein (Translated by Hay Mar)