The price of yellow peas in Canada is expected to improve due to the extension of the duty-free import period in India.

16-Sep-2024 05:12 PM

Vancouver. The Government of India has extended the duty-free import period of yellow peas from 31 October to 31 December 2024, which is likely to create a stir in the Canadian market.

There was confusion and uncertainty regarding the import duty and the price of yellow peas remained stable or soft.

The Government of India has approved duty-free import of yellow peas with Bill of Lading on or before 31 December.

Since the total production of peas in Canada is estimated to increase from 26.08 lakh tonnes last year to 30-32 lakh tonnes this time and some tension has arisen in its trade relations with an important importing country-China,

a lot of pressure was being seen on the prices of yellow peas in Canada until the extension of the duty-free import period in India was not announced.

The production of yellow peas in Canada is expected to increase from 22.60 lakh tons last year to 25.6 lakh tons in the current year.

On the other hand, the production of yellow peas in America is also expected to improve from 5.79 lakh tons to 6.66 lakh tons and the gross production of peas is expected to increase from 8.18 lakh tons to 8.94 lakh tons.

Although the production in Russia is likely to decrease a bit, it will still be very huge and it will try to increase its export to China and India.

India has already imported more than 20 lakh tons of yellow peas, out of which 7-8 lakh tons of stock is still left.

In such a situation, it will be interesting to see how much enthusiasm Indian importers show towards the import of yellow peas in the coming months.

Canada is also focusing on the Chinese market because there has been no formal announcement to stop its import there,

but it seems that Chinese buyers may give priority to increasing the import of peas from Russia instead of Canada.