Friday, 4 April 2014

Indian demand sends bean prices upward

Growing demand for locally produced beans from India has increased the price of some beans 11 percent over the past month, experts said.

U Myat Soe, central executive committee member of the Myanmar Pulses, Beans and Sesame Seeds Merchants’ Association, said that India is now taking more than 70 percent of Myanmar’s total production of beans amid fears that possible droughts through the rainy season could stunt production there.

“The demand from India is high and also the local demand is high, so bean prices are up,” he said, adding that India’s bean production has remained low.

Dr Myan Linn, a local bean exporter said he has benefitted from the increased demand as the price of green gram beans have grown 8.42pc to K103,000 per tonne, while pigeon peas have grown 11.11pc to K620,000 per tonne.

“Matpe fair average quality beans also rose in price per tonne from K580,000 to K625,000,” he said, adding that demand is expected to continue to rise as the Thingyan water festival approaches.

U Min Ko Oo, a bean seller in Yangon said he has been able to sell his matpe beans for 32.97pc higher year on year at K625,000 per tonne.

According to Ministry of Commerce statistics, Myanmar earned about US$912 million from exporting 1,419,756 tonnes of beans in 2012-2013, to India, Singapore, China, Vietnam and 46 other countries.

The most popular kinds were black matpe, green mung, toor whole and chickpeas. Most beans are grown in Bago, Yangon, Mandalay, Ayeyarwady and Sagaing regions from November to February.

source: The Myanmar Times
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