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Domestic Clove Prices Decline Amid Import Surge

22 Feb 2024 9:12 pm
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Mumbai, February 22 (CommoditiesControl): The prices for domestic cloves have experienced a notable decline, notably after a prolonged period of stability, influenced by an oversupply resulting from increased imports. In Kottayam, prices range between Rs. 860 and Rs. 870 per kilogram for cloves from Comoros, Rs. 860 to Rs. 880 for those from Madagascar, and Rs. 890 to Rs. 920 per kilogram for cloves from Sri Lanka. Domestic clove prices in Kottayam are reported to be between Rs. 980 and Rs. 1000 per kg.

In Shimoga, the price per kilogram for cloves ranges from Rs. 1,000 to Rs. 1,020, marking a decrease of Rs 20 per kg. Additionally, clove stems were priced at Rs. 160 per kilogram in Kottayam, reflecting a Rs 5 per kg decline from the previous session.

Meanwhile, the Department of Commerce has released import data for December, revealing a substantial year-on-year surge in imports. The increased imports were primarily driven by higher inflows from Madagascar and Tanzania, while imports from Comoros witnessed a significant decline. Import figures for the month were reported at 1,304 MT, reflecting a 28% YoY increase. Cumulative imports from April to December reached 15,431 MT, representing a 40% YoY rise. In contrast, exports for the month were reported to be 59% lower.

(By CommoditiesControl Bureau; +91-9820130172)

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