Gov’t to take action against bean price manipulators

Since bean varieties are among Myanmar’s largest exports, the government will take action against the manipulation of bean prices that affect market stability, according to U Win Myint , Union Minister for Economics and Trade.

The minister made the comment at a 20th anniversary gathering on Sunday (March 16) for the Myanmar Variegated Bean and Sesame Merchants Association, organised by the head of the Myanmar Traders and Industrialists Association.

Since 2008, U Win Myint said, some large-scale dealers have manipulated the bean market by trading prematurely or engaging in Do relays, resulting in chaos that has produced more than Ks 206 billion in debt.

“As very often happens in the trading world, such cases as buying and selling in advance, selling in Do relays, and financial abuse and fraud, have meant that officials from the sesame association and UMFCCI need to systematically monitor the dealings,” U Win Myint said.

“There are large, middle and small-scale traders in the bean enterprise. Big traders are obliged to raise and accompany the small. If the small traders cannot export, they buy from the big. The big traders should not monopolize.”

A graph of Myanmar’s variegated bean exports reveals 449,900 tons of variegated beans worth US$ 938.4 million for the 2010-11 fiscal year; 1.45 million tons worth US$ 1.12 billion for the 2011-12 fiscal year; 1.5 million tons worth US$ 1 billion for the 2012-13 fiscal year; and 1.17 million tons of variegated beans worth US$ 805.54 million for the 2013-14 fiscal year.

“According to the second estimation of India’s Ministry of Agriculture, which has been the main importer of Myanmar variegated beans, 19.7 million tons of variegated beans in total—including 3.34 million tons of pigeon-pea, 9.79 million tons of gram, and 1.28 million tons of green gram—is estimated to be produced for the 2013-14 fiscal year,” added U Win Myint.

Source: ELEVEN Myanmar

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