October 10, 2016

Breaking News

Indian companies mulling purchase of Myanmar’s peas

Peas 72Indian companies which have won the tender are considering purchase of Myanmar’s peas, resulting in a decrease in the price, said U Min Ko Oo, the secretary of Myanmar Pulses, Beans and Sesame Seeds Merchant Association.
India’s government has been intervening in controlling the pea price since August. Additionally, pea tenders are divided into 5,000 and 10,000 and 14,000 tonnes. Those Indian companies can exploit a profit while monitoring the pea market, said the pea merchants.
Myanmar’s pea market is dependent on the Indian market. Therefore, the pea price drops when there is no demand from India. That means, the pea price is positively related to the demand, said U Min Ko Oo.
The local pea prices in the first week of October were Ks1.4million per tonne of mung bean and Ks1.1million per tonne of pigeon pea, it is learnt from the statistics of Bayintnaung commodity depot.
During a similar period last year, mung bean was offered at Ks2.3 million per tonne while the green gram, at Ks1.4million and pigeon peas at Ks1.7million. The price was recorded at its highest point in the pea market.
Myanmar has already reached an agreement to export 1million tonnes of mung bean and pigeon pea to India, said Dr. Than Myint, the Union Minister for Commerce.
But some pea merchants are concerned that an annual export of 1 million tonnes of mung bean and pigeon peas is likely to be a challenge. The remaining stocks are only about 100,000 tonnes of mung bean and 50,000-60,000 tonnes of green grams, it is learnt. A total of 715,300 tonnes of various peas were exported to foreign countries as of 9th September in this fiscal year, earning US$829.696 million. The volume of export decreases by over 7,700 tonnes when compared to that of the similar period in the previous fiscal year, it is learnt from the above said association. –-Ye Lin Htet (AMIA)


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