Tridge Guide Post

What are some related trade regulations for mung beans in the global market in 2020?

Dried Mung Bean
India
image
By Jinwoo Cheon
Updated 2021년 9월 15일
The Indian government has recently increased the import quota of beans & pulses from Myanmar as its domestic crop is damaged. They also brought out new regulations aimed at reforming the Indian agricultural value chain. In Tanzania, the Ministry of Finance has waived off 18% value-added tax (VAT) on raw agricultural export. This decision will make Tanzania’s agricultural commodities more competitive in the global market.

[Myanmar]

Myanmar mung bean price increases as India increases the import quota:

The Indian government has recently allowed 150,000 MT of beans & pulses from Myanmar as its domestic crop is damaged. In October, the local wholesale price of raw mung bean and raw black gram bean increased from MMK 900,000 up to MMK 1,200,000 per MT immediately upon the news from the Indian government. Thus growers and exporters will direct the export stock to the Indian market in the coming season.


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Myanmar mung bean price increases as India increases the import quota


[Tanzania]

VAT from agricultural products removed in Tanzania:

The Ministry of Finance of Tanzania has waived off 18% value-added tax (VAT) on raw agricultural export. This decision will make Tanzania’s agricultural commodities more competitive in the global market. The removal of the tax was announced during the reading of the 2020/2021 budget speech.


Source: 

VAT from agricultural products removed in Tanzania


[India]

Indian government implements new regulations to increase competition and exports:

The government of India brought out new regulations aimed at reforming the Indian agricultural value chain.

Pulses, lentils, cereals, and onion have been removed from the Essential Commodity list, along with the regulation that farmers can now directly trade and enter into business contracts with exporters, traders, and processors/millers, removing the mandatory requirement of trading through wholesale Mandis (markets).

With these new regulations, the government expects to increase competition and exports, attract private investments, and improve crop quality.


Source: 

Indian government implements new regulations to increase competition and exports

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