Mon State’s beans and pulses merchants are suffering a 70 percent drop in stock prices, according to officials from the state pulses, beans & sesame seeds merchants association.
The association’s chair, U Aung Myo Oo, told Hinthar Media that falling Indian demand has resulted in a glut of domestic stocks and nowhere to sell them.
In August, India established import quotas on some types of beans and pulses, sending shockwaves through the US$1-billion-plus domestic industry. India has historically consumed some 80pc of Myanmar’s beans and pulses, according to U Aung Myo Oo.
“We paid K105,000 per bag when we bought mung beans during the harvest season. The market price for yesterday was K58,000 [per bag] so we have lost nearly half [of our investment]. If we include bank interest rates, our loss is nearly 70 percent,” he said.
The market has not collapsed, he said, but added that merchants are suffering from decrease in trade. Mon State is currently in bean-planting season, so only residual stocks are being traded at the market.
As of the second week of December, market prices for mung bean were K916 per viss, K1,380 per viss for golden gram, K1,250 per viss for green gram, and K1,050 per viss for soya beans.
