Tanzania: Sesame Prices Fall Due to Global Market Uncertainty

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THE country sesame seeds prices have continued to plunge downwards as global market remains uncertainty due to coronavirus pandemic.

The domestic prices plummeted in the recently sales to between 45/-and 225/-a kilogramme, for Dodoma and Mtwara auctions while number of kilos remained unsold.

The local price was hit hard due to the effect of the virus on major sesame buyers, especially China, which account for almost 90 percent of the country’s export.

Tanzania Pulses Network, National Coordinator, Zirack Andrew, told ‘Daily News’ that was yet another bad show of sesame this season compared to last year’s price.

“Reason behind this decline is Covid-19 pandemic in China – which happens to be the world’s largest market. “Much as it has eased its economy from lockdown, yet many people are hesitant to get out and instead opt to work from home for fear of getting infected with the virus,” Mr Andrew said.

The sesame price at Nanyumbu market in Mtwara experienced a nosedive after trading at 2,025/-on Monday from 2,250/-last auction.

Same was observed in Newala in Mtwara of 2,265/-, Kondoa and Bahi in Dodoma region of 2,121/-a reduction of 80/-and 26/-per kg respectively.

“This is yet another bad show of sesame this season compared to last year’s price,” Mr Andrew said. For instance last year auction in Dodoma market was stood at around 2,682/-.

DSE Insight, unofficial DSE tweeter, tweeted yesterday that most of the trades that were rejected on Monday warranting the second round.

“[Since] most of the trades that were rejected on Monday, almost 3,000 tonnes of sesame seeds up for grabs,” the DSE Insight tweeted.

In comparison to the last year, Tanzania Mercantile Exchange (TMX), data showed prices across various region in the first auctions ranged between 1,900/-and 2,500/- compared to around 3000/-of the similar period last year.

Tanzania Revenue Authority (TRA), calculations on average price of sesame at the port of Dar es Salaam, freight on board (FOB), were around 1.5 US dollars per kilo.

The current global average price stands at 1.3 US dollars per kilo-a nearly 20 per cent slump from 1.6 US dollars per kilo sold last year.

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