Global market price of yellow peas may fluctuate according to India's demand

30-Aug-2024 06:00 PM

Dubai. The recent change in the prices of yellow peas is a proof of the fact that India often has a profound impact on the global market in the case of pulses and the fluctuations in the prices of pulses are based on Indian demand.

According to the available data, in the five months from January to May 2024, India imported a huge amount of about 18.50 lakh tonnes of yellow peas.

After this, the pace of import slowed down and the prices in the exporting countries also came down accordingly.

The decline in the price of Canadian yellow peas was clearly reflected. Its price in August was about 100 per tonne lower than the average price of May.

On the other hand, the pace of import of yellow peas in China during the current year was not fast, whereas last year its importers had shown a lot of interest in its purchase.

The reason for this is that a good stock of previously imported goods was intact there. According to trade analysts, there may be a significant decline in the import of yellow peas in China during the current year.

Similarly, prices of Russian yellow peas are also gradually softening as the global market is now returning to normal after India's aggressive buying process has ended.

The Government of India had made the import of yellow peas completely duty free in December 2023. The deadline for its duty free import is fixed till 31 October 2024.

At present it is not clear whether its period will be extended beyond 31 October or not - and hence there is an atmosphere of uncertainty in the global market.

New consignments of peas have started arriving in the markets in other major producing and exporting countries including Canada and Russia. If the demand in India remains weak or imports stop here after October,

then the difficulty of the exporting countries will increase significantly. In the 2024-25 season, the production of peas is likely to exceed its global demand.