By Nyein Nyein
The Myanmar Pulses, Beans, and Sesame Seeds Merchants Association has sought an extension of the March-end deadline for exporting 250,000 tons of mung beans to India as it estimates it will need more time to ship the entire quota, said U Min Ko Oo, secretary of the association.
The association has also made a request to India through Myanmar’s Ministry of Commerce to declare the quota limit for the 2020-2021 financial year.
“We will have to ship the beans around 15 to 20 March so they can reach the Indian port by March-end. However, we cannot export the whole quota by the deadline. Moreover, pulses and beans will be harvested until May. Having said that, we have requested that the period for export quota be extended and the quota limit for the next financial year be declared in the end of March. India has not yet responded to the request,” said U Min Ko Oo.
India had increased the mung beans quota from 150,000 tons, set earlier on 12 December last year, to 250,000 tons, according to a trade notice issued by India’s Directorate General of Foreign Trade.
The increased quota of 250,000 tons will have to reach India by 31 March, 2020.
India recorded low mung beans yield due to erratic weather last year. Under the provincial government’s approval, more mung beans are being purchased beyond the previous quota limit, which has driven the mung beans price up to above K1.3 million per ton.
At present, mung beans are fetching about K970,000 per ton.
“Demand and supply determine the market price of mung beans. India increased the quota limit in December, 2019 and then, the merchants obtained a license in 20 January, 2020. Thus, the period for export is short. There was active supply and demand relation in February. Nevertheless, the price of mung beans dips in the domestic market when the price in the Indian market declines amid bulk supply in the Myanmar market. More beans will be harvested in the coming months,” said U Min Ko Oo.
Currently, mung beans are being loaded on ships for export to India. The export ships are set to leave Myanmar port every seven to ten days, according to the association. (Translated by Ei Myat Mon)
