The price cap on sesame seeds trading at the Ethiopian Commodities Exchanges (ECX) was lifted last week. The Ministry of Trade and Regional Integration (MoTRI) disclosed the decision to Capital Newspaper citing inflation on the product which led to the removal of the price cap. However, Kassahun Gofe, MoTRI State Minister, indicated that the Ministry might reintroduce the price cap if extraordinary price surges appeared.

MoTRI reinstated a price ceiling on sesame seeds a few weeks ago aiming to tackle price hikes on the commodity.

Ethiopia plans to export 230,000 metric tons of sesame in the 2022/2023 fiscal year. ECX revealed in March this year that the country was able to generate USD 2.9 billion from the export of agricultural products including coffee, sesame seeds, and spices during the first seven months of the last fiscal year. Sesame is one of Ethiopia’s leading export commodities.

Source: Capital Ethiopia

Additional source: Xinhua