India needed to purchase mung beans at a price of $ 700 per ton – the lowest price ever offered to India. Ministry of Commerce responded that mung beans can be sold only at the market price, which remains the last word in the exchange. A letter to the Ministry of Commerce also sets forth the conditions under which the transaction should be, including a variety of beans and other related matters.
“We have notified India in the notification letter that we hope to sell at the market value,” said U Khin Maung Lwin. Ministry write on after negotiations with Myanmar Pulses, Beans and Sesame Merchants’ Association. India wants a letter of credit payment system established after delivery, but the Myanmar side prefers to pay in advance by bank transfer.
Read Also: Chinese want to buy Myanmar hair
Prices have declined since last May when a ton of mung bean has received more than $ 1490 per tonne free onboard system – which determines which party is responsible for the damage during transportation. The price has dropped to just over $ 860 per ton, and demand from India is a major factor in the market.
Myanmar exports beans and pulses over 50 countries, including Pakistan, the United Arab Emirates, Malaysia and Vietnam. Last year, about 960,000 tonnes were exported, up from 860,000 tonnes a year earlier, on Dec. 16, the Commerce Department said.
Read Also: Myanmar Lentils to export