Prices of Myanmar rye beans and pigeon peas fall as India's purchasing power declines

The prices of black beans and pigeon peas in Myanmar have fallen due to a decrease in India's purchasing power, the main buyer of Myanmar bean products. The price of black beans has dropped from 3.5 million Myanmar Kyats per ton to about 3.4 million Myanmar Kyats in a week, and the price of pigeon peas has also fallen from 3.85 million Myanmar Kyats to 3.4 million Myanmar Kyats in a week. The decline in bean prices is expected to be reduced in the long run due to reduced domestic bean production and India's demand for beans. India has extended the free purchase rights of rye beans and pigeon peas to the end of March 2025. Myanmar and India have signed a memorandum of understanding, authorizing Myanmar to export 250,000 tons of rye beans and 100,000 tons of pigeon peas to India annually by 2025-2026.

Myanmar media reported that traders learned that due to the decline in purchasing power of India, the main buyer of Myanmar bean products, the prices of black beans and pigeon peas continued to fall. At present, new black beans are on the market in Myanmar, and India's purchasing power has declined. Therefore, the price of black beans has fallen from 3.5 million Myanmar Kyats per ton to about 3.4 million Myanmar Kyats in a week, and the price of pigeon peas has also fallen from 3.85 million Myanmar Kyats to 3.4 million Myanmar Kyats in a week. In early September, the price of black beans soared to 4.5 million Myanmar Kyats per ton, and red pigeon peas were 5.2 million Myanmar Kyats per ton, but due to the US dollar exchange rate and foreign purchasing power, the price continued to fall. Some analysts said that according to the listing of new beans, black beans may fall again. But some analysts said that due to With the reduction of domestic bean production and India's demand for ...