Myanmar black bean prices hit record high on Indian import promise

The local stockpile of black matpe beans is currently just 100,000 tonnes. “As we have a small stock of matpe and low demand domestically, farmers usually cultivate just enough for consumption,” said U Aye Lwin, a local bean trader.

With fresh demand from India, prices reached a record high of K1.2 million per tonne last week, up from just K950,000 per tonne in September. 

After two months of negotiations with Myanmar, India this month approved the import of 150,000 tonnes of the beans between now and March 31, 2021. The move extends the original three-month window between June and August for the import quota to be fulfilled..

India began setting an import quota on beans in August 2017 to protect its local farmers. This year, the quota was set at 400,000 tonnes of beans to be delivered between June and August. However, Myanmar farmers were only able to export 100,000 tonnes, according to the Myanmar Pulses, Beans and Sesame Seed Merchants Association. Myanmar is the largest supplier of beans and pulses to India, supplying the bulk of the country’s needs. 

Now that the Ministry of Commerce and Industry of India has issued a 150,000-tonne import quota for mung beans, those who have export licenses in Myanmar have the chance to do so until March 2021.

India is importing more beans as some of this year’s domestic harvests were damaged by rain. In Myanmar, U Aye Lwin said there is currently just about 100,000 tonnes of beans stockpiled for trade, so bean farmers will be under pressure to harvest enough volumes for export within the new deadline.

At the same time, Myanmar is also exporting beans and pulses to the UAE, Bangladesh, Pakistan and Nepal. 

With demand rising, farmers are now rushing to grow more black matpe beans. – Translated

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