Pea business in Canada improves due to extension of duty-free import period in India

26-Sep-2024 04:07 PM

Saskatoon. The extension of duty-free import period of yellow peas by the Government of India from 31 October to 31 December 2024 is having a positive effect on the Canadian market and business activity in peas has started increasing there.

The price of yellow peas in the local market is currently running at $ 9.75 to $ 10.25 per bushel, while in the future, buyers are likely to remain interested even at a higher price.

Similarly, the price of green peas has also increased a bit because its price has started strengthening in India.

Some Canadian traders / exporters are hopeful that its price has started strengthening in India. Some Canadian traders / exporters are hopeful that there may be an announcement of reduction or removal of import duty on green peas in India, while no indication has been given by the government so far.

It is worth mentioning that only duty-free import of yellow peas has been allowed in India, while other conditions along with customs duty are also applicable on green peas.

In Canada (Saskatchewan province), the price of green peas is $15 per bushel and the maximum limit of bleaching is 3%.

The price of maple peas is stable between $17 and $19 per bushel. In Canada, the harvesting of pea crop is almost complete and the government agency StatsCan has estimated its production to be 21% higher than last year.

Despite better production, the price of peas is strong there because producers/exporters are confident of better exports to India and China.

But Russia is also trying to export its peas in large quantities to these two countries. However, due to unfavorable weather, the production of peas in Russia is likely to decrease a bit this time.