August 19, 2016

India’s demand for Myanmar beans sees prices soar

Farmers work on a farm as they harvest beans at a village near Nay Pyi Taw.
Farmers work on a farm as they harvest beans at a village near Nay Pyi Taw.

Prices of export beans that appeared to climb before Thingyan period have started to pick up in the market yesterday thanks to increased demand from India, according to Mandalay bean market.
Sources said export bean prices have jumped on strong demand from Indian traders and when the bean brokerage resumed on April 19, prices for a bag of beans had increased by K5000 to K10, 000, depending on the type of bean.
The price of Mung bean per bag has rose from K160, 000 to K170, 000 and the price of V2 chickpea per bag has increased from K100, 500 to K105, 000 on the back of growing Indian demand.
Despite no new stock in the market, remaining stocks are available for bean trading, said U Soe Win Myint, owner of Soe Win Myint brokerage.
Of the current market situation he expects that those who bought beans before the Thingyan period to store their stocks until they can get a better price as strong demand boosts export bean prices. Despite weak prices in gold and the US dollar, bean prices have soared due to Indian demand this year, he added.
According to market sources, most of bean stocks are in the hands of traders as harvest time is over.  Myanmar bean varieties are in good demand for export as they are grown without the use of chemicals.


Aung Thant Khaing


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