Weak demand results in kidney bean price retreat

The price of kidney beans has fallen to K3.855 million per tonne in the Mandalay market on the back of weak foreign demand.
The price hit a record high of K4.593 million per tonne on 7 February and plunged to K3.855 million per tonne on 7 March.
The figures reflected a drop of K738,000 within one month.
Myanmar exports kidney beans to China, India, Japan, Singapore, and other foreign countries through border and maritime trade channels. Myanmar shipped 59,425.711 tonnes of kidney beans worth US$50.31 million to foreign markets in the previous financial year 2022-2023 (April-March), the Ministry of Commerce’s statistics indicated.
Myanmar conveyed 27,709 tonnes of kidney beans worth $33.296 million to foreign trade partners between 1 April and 23 February of the current FY 2023-2024, with an export volume of 15,016 tonnes worth $15.093 million through maritime trade and over 12,692 tonnes worth $18.203 million via land borders, as per the Ministry of Commerce’s statistics.
Kidney bean is cultivated in October-November and harvested in early February. They are grown in the upper Sagaing Region, Bhamo in Kachin State, Kayin State and along the Ayeyawady River. The beans produced from Katha and Bhamo townships are in high demand in the domestic market due to their large size. — NN/EM