Nov 23, 2012

Bean prices drop in Myanmar

The price of beans fell as demand from India dropped after the Deepavali festival, wholesale dealers in Yangon said.

“Green gram prices fell 10,000 kyats (nearly US$12) per metric ton within this week. Last month, a ton of green gram or mung bean (export quality) cost nearly $800; now it’s around $700 per ton,” said a wholesale dealer who requested anonymity. The market is subject to day by day fluctuation, he added.

Prices fell after the celebration of the largest Hindu gathering, when demand for beans is high. Beans are used for sweets such as pancakes and lentil cakes during the yearly Festival of Lights.

The Ministry of Commerce said as of November 9, Myanmar exported around 0.4 million metric tonnes of green grams to various countries yielding $235 million. Exports were higher in 2011, with 0.45 million metric tonnes worth $378 million.

Source: Eleven Media Group