The Embassy of India in Yangon on Friday announced important changes for the coming fiscal year to India's trade policy for several varieties of beans, placing restrictions on the import of pigeon peas, mung beans and urad (black) beans.
The loss of “free” status for these imports comes at a time when Myanmar has seen a plunge in prices for domestic pulses, with India its largest export market.
These moves follow restrictions placed in August 2017 on mung beans and pigeon peas, the latter an export that went from generating $159 million in Fiscal Year 2016 to just $91 million as of February 2018, according to Global New Light of Myanmar.
In addition to pigeon peas being subject to an annual quota of 200,000 metric tonnes and urad and mung each capped at 150,000 metric tonnes, Myanmar exporters have until May 25 to apply online with India's Directorate General of Foreign Trade. Additionally, all current imports must be completed by August 31, according to the DGFT.
The Myanmar government has a Ks15 billion fund on hand in the event that the price of pigeon peas drops below Ks300,000 per ton and fails to cover cultivation costs, according to Global New Light of Myanmar.