The price of kidney beans has fallen to K3.855 million per tonne in the Mandalay market on the back of weak foreign demand.

The price hit a record high of K4.593 million per tonne on 7 February and plunged to K3.855 million per tonne on 7 March.

The figures reflected a drop of K738,000 within one month.

Myanmar exports kidney beans to China, India, Japan, Singapore, and other foreign countries through border and maritime trade channels. My­anmar shipped 59,425.711 tonnes of kidney beans worth US$50.31 million to foreign markets in the previous financial year 2022-2023 (April-March), the Ministry of Commerce’s statistics indicated.

Myanmar conveyed 27,709 tonnes of kidney beans worth $33.296 million to foreign trade partners between 1 April and 23 February of the current FY 2023- 2024, with an export volume of 15,016 tonnes worth $15.093 mil­lion through maritime trade and over 12,692 tonnes worth $18.203 million via land borders, as per the Ministry of Commerce’s sta­tistics.

Kidney bean is cultivated in October-November and har­vested in early February. They are grown in the upper Sagaing Region, Bhamo in Kachin State, Kayin State and along the Ay­eyawady River. The beans pro­duced from Katha and Bhamo townships are in high demand in the domestic market due to their large size. — NN/EM