W2 Sesame Seed Update: WTO Unveils 2024 Sesame Tariff Rate Quota Bid, While Conflicts in Sudan and Yemen Led to Surging Prices in Sudan, and Supply Constraints in India

WTO Unveils 2024 Sesame Tariff Rate Quota Bid

The recent unveiling of the 2024 Sesame Tariff Rate Quota (TRQ) bid by the World Trade Organization (WTO) has garnered significant attention from international traders and domestic distributors. Sesame plays a crucial role in global markets, making this announcement the third state trade bid that holds immense significance. The TRQ bid is vital to stabilizing the sesame market and ensuring fair trade practices, reflecting the WTO's commitment to the global trade balance. Market analysts and industry players are closely monitoring this bid due to the rising demand for sesame. Successful bidders can strengthen their positions in the market.

Internal Unrest in Sudan and Terrorist Attacks in Yemen Impacted Global Sesame Supply

Recent events, including internal unrest in Sudan and terrorist attacks in Yemen, have impacted the global sesame market. Consequently, prices for Sudan's white sesame seeds have soared, while the fluctuating cost of Nigerian white sesame and Brazilian imports has contributed to supply constraints in India. Due to the red flags in Sudan, there are growing concerns about future exports, which are creating ripples in the sesame market. Furthermore, the terrorist attack by the Wamani group in the Red Sea has caused steamer traffic to stall and further hampered Indian turmeric sesame export prospects.

Indian White Sesame Seed Price Dropped by USD 0.3/kg

In W2, the price of white sesame in India dropped by USD 0.3 per kilogram (kg) and stood at USD 2/kg. India imported around 70 to 75 thousand metric tons (mt) of white sesame in the past three months and is expected to import an additional 20 to 25 thousand mt of sesame by Apr-24. In addition, the demand for black sesame has decreased due to the late onset of the cold season.