Myanmar's Bean Prices Pick up As India Lifts Import Ban

The prices of Myanmar's beans and pulses have picked up in the Yangon market following India's lifting of its ban on the import of the crops from Myanmar, the official Global New Light of Myanmar reported Monday.

Over the weekend, Myanmar's mung beans RC fetched 454,000 kyats (333.8 U.S. dollars) per ton, while mung beans special quality (SQ) were worth some 616,000 kyats, up respectively from 382,000 kyats and 520,000 kyats over the previous days, according to market survey at the Bayintnaung commodity depot.

A total of 135 containers of the crops were traded on the weekend days.

India announced restriction of the import quota of three major pulses from Myanmar in August last year affecting the local pulses market.

Prior to India's move, mung beans RC fetched 757,000 kyats per ton, while the SQ was worth 887,000 kyats per ton.

India has now reportedly allowed an import quota of 150,000 tons of mung beans and green gram each for the 2018-19 financial year.

In the last fiscal year of 2017-18, Myanmar exported some 600,000 tons of various peas including 300,000 tons of mung beans.

Myanmar used to export around 1.5 million tons of pulses to foreign countries annually, of which India stands as Myanmar's largest pulses export market.