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Black bean price rises by over K50,000 per tonne on USD appreciation

The price of black beans in the domestic market has risen by over K50,000 per tonne because of the appreciation of the US dollar exchange rate, according to the Yangon Region Chamber of Commerce and Industry (Bayintnaung commodity depot). Although the dollar exchange rate stood around K1,330 per dollar in the local currency market at the end of January, the rate jumped to K1,400 per dollar on 4 February. Therefore, the black bean’s price has amounted to K975,000 per tonne on 10 February, increasing from just K923,000 per tonne on 3 February, increasing over K50,000 per tonne. Similarly, the price of the pigeon pea is also about K810,000 per tonne.

The new harvested black bean is currently entering the domestic market. The traders demand it from India, Pakistan and Bangladesh. The first October of 2020 saw the Ministry of Commerce and Industry of India issue a notification to purchase 150,000 tonnes of black beans. The import deadline is March 2021. The licence will be equally granted for India’s companies.
At present, Myanmar has already exported nearly 100,000 tonnes of black beans. The remaining 50,000 tonnes of beans will continuously be exported, according to Myanmar Pulses, Beans and Sesame Seeds Merchants Association (MPBSSMA). The newly harvested black bean started to enter the market. The black bean plantations yielded around 400,000 tonnes annually, and the bean is mainly exported to India.

Similarly, about 50,000 to tonnes of pigeon peas are produced yearly and exported. Myanmar has also produced about 50,000 tonnes of pigeon peas annually and exported them chiefly to India. Since 2017, India has been setting import quota on beans, including black beans and pigeon peas. Myanmar has to export black beans and pigeon peas under a quota system and limit period. Consequently, according to market observers, there is no guarantee that we could get the prevailing market price next year. Following no assurance of black beans and pigeon peas in the market, the association suggested on the end-October that the local farmers grow the black-eyed beans more.

Source: The Global New Light of Myanmar

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Myanmar-Thai border trade plummets by $238 mln this year

The border trade between Myanmar and Thailand hit US$998 million as of 22 January in the current financial year 2020-2021 ending September, said a statistical report of Myanmar’s Ministry of Commerce. During this period, the border trade value dropped by $238 million compared to that of the same period of the previous FY. The bilateral border trade was $1.2 billion in the last year. The Myanmar-Thai total border trade was shared by Myanmar’s export of $675 million and its import of $322 million.

Between 2016-2017FY and 2019-2020 (as of August), Thailand has been Myanmar’s largest trade partner among the ASEAN states, followed by Singapore and Malaysia. Myanmar is carrying out border trade with Thailand’s neighbouring country through seven border checkpoints — Tachilek, Myawady, Myeik, Mawtaung, Hteekhee, Kawthoung and Maese border areas respectively. Among them, Hteekhee completed the most extensive trade in border trade with Thailand, followed by Myawady. Myanmar primarily exports natural gas, fishery products, coal, tin concentrate, coconut (fresh and dry), beans, corns, bamboo shoots, sesame seeds, garment, footwear, plywood and veneer, broken rice and other commodities to Thailand.

It imports capital goods such as machinery, raw industrial goods such as cement and fertilizers, and consumer goods such as cosmetics, edible vegetable oil and food products from the neighbouring country. The bilateral trade between Myanmar and Thailand stood at $659 million in FY2020-2021 (as of November), $5.1 billion in FY2019-2020, $5.5 billion in FY2018-2019, $2.9 billion in the mini-budget year of 2018 or transitional period from April to September this year, $5 billion in FY2017-2018, $4.3 billion in the 2016-2017FY, $4.8 billion in the 2015-2016FY, $5.7 billion in the 2014-2015FY, $5.6 billion in the 2013-2014FY, $4.7 billion in the 2012-2013FY, and $4.5 billion in the 2011-2012FY, according to the Myanmar Ministry of Commerce.

Source: The Global New Light of Myanmar