[Domestic News]Mysteel Analysis: Interpretation of October 2023 Sesame Import Data

1. Overview of Sesame Imports

According to customs statistics, the import volume of China in October 2023 was 112,428.561 tons, a year-on-year increase of 42,544.998 tons, up 60.88%. Compared with the previous month, there was a decrease of 3,540.12 tons, down 3.05%. The import amount was 197,958,335 US dollars, a year-on-year increase of 86,857,258 US dollars, up 78.18%. Compared with the previous month, there was a decrease of 9,510,852 US dollars, down 4.58%. The average import price of sesame in October 2023 was 1,760.75 US dollars per ton, a year-on-year increase of 170.95 US dollars per ton, up 10.75%. Compared with the previous month, there was a decrease of 28.26 US dollars per ton, down 1.58%. With the approach of the off-season in October, the enthusiasm of traders for procurement began to weaken, leading to a decrease in import volume.

In 2023, the cumulative sesame imports reached 779,078.216 tons, showing a decrease of 182,151.746 tons compared to the same period last year, with a decline of 18.95%. The cumulative import value amounted to 1.3 billion US dollars. Currently, it appears that the import volume for the year has decreased, primarily due to the higher import costs of sesame and a relatively cautious approach in the market procurement. In comparison to previous years, the phenomenon of stockpiling has reduced this year, and the market is essentially adopting a mentality of purchasing as needed.

2. Main Import Source Countries and Importing Provinces

In October, the main source countries for sesame imports in China were Pakistan, Mozambique, and Tanzania. Looking at the import data for October, China imported 64,711.149 tons from Pakistan, accounting for 57.56%; 19,188.158 tons from Tanzania, accounting for 17.07%; and 18,381.367 tons from Mozambique, accounting for 16.35%. Additionally, there were imports of 2,108 tons from Bangladesh, constituting 1.79%; 1,797.784 tons from Myanmar, constituting 1.60%; 1,591.65 tons from Sudan, constituting 1.42%; 1,383.5116 tons from Niger, constituting 1.23%; and 1,084.89 tons from Nigeria, constituting 0.96%. Pakistan, Tanzania, and Mozambique have seen a significant influx of sesame in the new season, attracting downstream traders to inspect the goods.

From the perspective of import regions, in October, China's sesame imports were mainly distributed in the East China region, importing 80,244.114 tons, accounting for 71.37%. The North China region imported 21,507.757 tons, accounting for 19.13%. The South China region imported 6,733.65 tons, accounting for 5.99%. The Central China region imported 2,743.04 tons, accounting for 2.44%. The Northeast region imported 1,386.39 tons, accounting for 1.2%. The Southwest region imported 2,323 tons, accounting for 0.29%.

3.Future Market Prediction

In October, due to the impact of exchange rates, the cost of importing sesame for trading companies has increased, thereby boosting the import sesame prices, and spot prices are relatively firm. After the double festivals, the domestic sesame market enters the off-season with trading slowing down, and downstream purchasing enthusiasm is moderate. In the long term, as the market gradually enters a period of reduced trading activity, with limited market digestion capacity, trading company quotations are expected to remain relatively stable. In the short term, due to the waning demand downstream, there is some pressure on the extent of price increases, and market prices are expected to be mainly stable.

Source： Mysteel