Black gram price rockets to above K2.4 mln per tonne

 

June 12

 

The prices of black gram hit K2.45 million per tonne (FAQ/RC) and K2.69 million per tonne (SQ/RC) in Yangon’s market on 10 June 2023, while the FOB price was $950-970 per tonne when it is calculated on the dollar exchange rate at K2,488.

 

The current price has reached the highest record since 2015. The prices stood at K2.456 million per tonne (FAQ/RC) and K2.656 million per tonne (SQ/RC). The FOB price was $1,820-1,850 (dollar exchange rate at K1,285). During the chaos in the pulses market in 2008, the price of black gram was only K700,000 per tonne in mid-August and plunged to K360,000 per tonne. The pulses import was temporarily restricted and the industry was battered by those policy changes. The prices fell to K425,000 per tonne on 16 October 2017 and K382,000 per tonne on 4 May 2018.

 

The price rebounded to K2.1 million per tonne on 31 August 2022. Then, the price declined to below K1.7 million per tonne in January 2023. The price rose again to K2.115 million per tonne on 26 April 2023. One month after that, the price jumped to above K2.4 million per tonne. Due to Kyat depreciation against the US dollar, the FOB price of black grams on 10 June 2023 was half of that recorded on 17 October 2015. The price is expected to rise in the Yangon market. Meanwhile, the FOB price of pigeon peas was $1,230-1,250 per tonne.

 

India is importing pulses to fulfil their demand amid the low output this year. India’s authorities are observing the import and market stock to steer the volatile price. Those traders in the Yangon market keeping the stocks in hand are closely observing India’s market. The pigeon pea (red gram) is rocketing in recent days. It is K800,000 per tonne higher than that of black gram.

 

Myanmar bagged $1.4 billion from various pulses exports of 0.97 million tonnes in the 2022-2023 Financial year. This year, the earnings from pulses exports are likely to go up. — TWA/EM