CNI News
15 June 2024
Although the domestic price of mung bean is currently going up, because of India's demand for pulses and bean, the price could increase anymore, said pulses traders.
In India, this year's mung bean yield is decreasing and Indian pulses traders have expected that the prices of pulses could go up anymore after the election and are storing pulses and bean in advance reportedly.
Because Indian bean traders have estimated that during the next four months, India's bean market depends on the Myanmar mung bean, the price of mung bean within Myanmar could go up anymore, U Ne Win Soe, in charge of the Ayeyarwady Region Myanmar Trade Promotion Organization, told CNI News.
" The price of mung bean will go up anymore because the Indian traders have estimated that the prices of pulses and bean will go up anymore after the election and some of them have stored pulses and bean in advance. And the mung bean yield in India decreased this year than expected. Moreover, the demand is also very high. So, the farmers here in Myanmar are selling mung bean little by little in the hope of further price increases. The price is really going up as well. But India's demand for mung bean is so high. They can buy it from Myanmar alone. They have estimated that mung bean market in India depends on the Myanmar mung bean during the coming four. months. No matter how high the price is, a situation in which they must buy it will come during the coming four months." he said.
Although there is an MoU between Myanmar and India in which India will buy 50,000 tons of mung bean from Myanmar at least, India is buying all the mung bean from Myanmar.
As Myanmar farmers reduced growing mung bean due to the high cost of cultivation, domestic yield of mung bean has decreased.
Although Myanmar was able to export until 700,000 tons of mung bean to India in the previous years, 500,000 tons only can be exported this year reportedly.
Although the price of mung bean is 110,000 kyat per basket, the price should be higher than the current one in comparison with last year market, Ko Maung Maung Naing, a bean trader, told CNI News.
" In the beginning of the mung bean season, the price was 90,000 kyat per basket. The current price is 110,000 kyat. The price seems to be going up. In fact, the price should go up anymore. In the previous years, the price reached 80,000 to 90,000 kyats per basket from 35,000 kyats. But we have to watch until December which is the time when the price rises to the highest level." he said.
At present Myanmar has already exported 300,000 tons of mung bean to India and About 200,000 tons of mung beans remain within the country.
Farmers and traders have expected that the price will go up anymore and are exporting little by little.
Mung bean is grown Hinthada and Maubin Districts most and it is also grown in Bago Region. Mung bean is exported mainly to India and a small amount of mung bean is exported to China and Korea as well.
