Sesame price rebounds during Chinese New Year

  • Wed, 7 February 2024

Sesame price rebounds during Chinese New Year

The prices of sesame bounced back in the Mandalay market amid the celebrations of Chinese New Year.

The sesame prices stood at K360,000 per 45-viss sack for black sesame (Samone variety), K350,000 for white sesame, K280,000 for brown sesame, K295,000 for red sesame, K290,000 for yellow sesame and K295,000 for winter sesame on 1 January. The prices surged to K430,000 per 45-viss sack for black sesame (Samone variety), K395,000-K420,000 for white sesame, K320,000 for brown sesame, K330,000 for red sesame, K330,000 for yellow sesame, K235,000 for Niger seed and K365,000 for winter sesame on 29 January. The figures indicated a significant increase of K35,000-K70,000 per sack.

Due to solid demand, the market currently sees a roaring trade of various sesame seeds. They are primarily exported to China. Also, demand from Japan, Thailand, Singapore and Chinese Taipei is significantly rising. Furthermore, there is a steady demand from domestic oil millers and sesame-based food industries such as sesame jam and roasted sesame businesses.

Myanmar exports one of the oil crops, sesame, to the external market through maritime channels and border posts. In April last year, the world’s top palm oil exporter, Indonesia, one of Myanmar’s leading oil suppliers, declared an export ban on cooking oil export to reduce domestic shortage. Consequently, Myanmar’s Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May to have oil self-sufficiency.

Exports of Myanmar’s edible oil crops resumed as the world’s top palm oil exporters returned to normality, according to a notification dated 5 July 2022 released by the Trade Department. — NN/EM