According to pulses traders in Bayintnaung Market, India has allowed an increase in the import of 250,000 tonnes of jute, which has jumped by more than 100,000 kyats per tonne to around 1230,000 kyats per tonne FAQ.
In the 2019-2020 fiscal year, India’s import quota will be increased from 1.5 million tonnes to 2.5 million tonnes, according to the Indian Ministry of Commerce and Industry. The Directorate of Foreign Trade (DGFT) issued a trade notification on December 19, 2019 with Trade Directive No. 43 / 2019-2020.
According to India’s Memorandum of Understanding (MoU) between the two countries and the Ministry of Industry (MoU) on December 18, the Ministry of Foreign Affairs (MoU) has signed a Memorandum of Understanding (MoU) between the two countries and the Ministry of Industry and Trade (MoU) on December 18, 2014.
According to the order, DGFT has issued a trade notification stating that the additional 250,000 tonnes of pulses to be imported will be distributed to local pulse mills and refineries. Importers will be able to submit quota applications online from December 20 to 31, 2019. The companies that have been allowed to import an additional 250,000 tonnes of pulses will have to arrive in Indian ports by March 31, 2020.
On November 18, the price of red bean FAQ rose to 1205,000 kyats per ton, but fell again. On the evening of December 10, the price of red bean FAQ dropped to 968,000 kyats per ton. On December 20, the price of FAQ per ton rose to 1230,000 kyats.