Bean prices continue to grow on delayed India harvest

Due to a late and poor Indian bean crop this year, local mung bean prices have increased as much as 60 percent in some local markets to US$640 per tonne, according to local exporters.

U Myan Linn, member of the Myanmar Pulses, Beans and Sesame Seed Merchants Association, said that last year’s pre-harvest prices ranged anywhere from $400 to 500 per tonne of mung beans, with profits increasing on poor stocks from India in the past year.

“This month, bean prices are up because India’s crop came late this year and it affected local prices,” he said. “At the same time, local bean stocks are low.”

Bean prices are heavily dependent on the Indian market, with more than 70 percent of locally grown beans are exported to India.

In addition to poor stocks from abroad, bean prices also increased due to annual shortages as local crops aren’t harvested until mid-February, said U Myat Soe, central executive committee member of the Myanmar Pulses, Beans and Sesame Seeds Merchants’ Association.

According to commerce ministry statistics, Myanmar earned about $912 million in the 2012-2013 fiscal by exporting over 1.4 million tonnes of beans, to India, Singapore, China, Vietnam and 46 other countries.

Black matpe, green mung, toor whole and chickpeas are the country’s most popular bean exports, with most grown from November to February in Bago, Yangon, Mandalay, Ayeyarwady and Sagaing regions.

Source: Myanmar Times

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