Pea price plunges due to low demand from India

With the decreasing demand from India due to a currency upheaval, the price of mung bean plunged by around Ks200,000 per tonne, according to Bayintnaung pea market. India is the largest buyer of various kinds of Myanmar peas.

India’s prime minister announced on 8 November that all 500 and 1,000 rupee notes — India’s most popular denominations that constitute 86 per cent of the country’s currency, have been ordered to be removed from circulation within 50 days. People across India have been standing in long lines at banks and ATMs to exchange more than 23 billion notes before they become worthless pieces of paper.

The price of mung beans was nearly Ks1.5million in October, but pea prices began to decline in early November, soon after India’s currency edict was handed down. The current prevailing prices of peas per tonne is around Ks1,290,000, whereas pigeon peas are selling for about Ks900,000 per tonne.

Most of the merchants have sold their stocks because the harvest time for peas is drawing nearer. The peas harvest begins in January and various peas produced from all the peas producing townships in the country will be seen in the pea markets and depots in February.

Source: Global New Light of Myanmar

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