In an attempt to stabilize local bean market, the Ministry of Commerce will place a temporary ban on imports of beans and pulses starting from September 15.
The decision came after the meeting of the management committee under the commerce ministry on August 31.
The excess supply of some beans and pulses in the local market are found due to policy changes, production, demand and supply.
The ministry will allow bean imports approved before September 15 only with a bill of landing. In addition, the ministry has suspended the renewal of import licences.
In the 2017-2018 fiscal year, Myanmar earned over US$517 million from exports of more than 700,000 million tonnes of beans and pulses.
“Due to the current situation, bean exports are declining. As a result, a drop in bean exports may have an impact on the export sector during this fiscal year,” said Yan Naing Tun, the director-general of the Trade Department under the commerce ministry.