Global market price of peas strong due to possibility of better demand in India

14-Oct-2024 03:12 PM

Vancouver. Pea prices remained generally strong in the international market last week. After the completion of harvesting in the countries of the Northern Hemisphere, the focus of the producers has shifted to the sale of their stock and due to good support to the market from the importing countries,

dynamism is also being seen in its business. An analyst says that the decision taken by the Government of India to extend the deadline for duty-free import of yellow peas from 31 October to 31 December 2024 is having a positive impact on the global pea market.

According to the new decision, consignments of foreign yellow peas will be allowed to reach Indian ports on the basis of on-board bill of lading till the date of 31 December.

However, a huge stock of more than 7 lakh tonnes of peas is expected to be present in India and soon the pace of its sowing is also going to increase, due to which the pace of its import from abroad is moderate at present but it may increase in the future.

India imports yellow peas mainly from Canada and Russia, while it is also imported from some other countries. The pea crop has been harvested in North America and the Black Sea region.

Harvesting has also been completed in the member countries of the European Union, while harvesting is about to begin in Australia and South America.

Exporting countries are confident that the new decision of the Indian government will help them achieve their export targets.

This time, pea production has increased in Canada and America compared to the previous year, while production has decreased somewhat in Russia.