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Clove Prices Continue to Trade Higher; Lower Imports in March

25 May 2024 10:11 am
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Mumbai, May 24 (Commoditiescontrol): Clove prices continued their upward trend in the Kottayam market, reflecting higher import costs and limited availability. Imported clove prices have increased by Rs 10-20 per kg, now ranging from Rs 880-900 per kg for Comoros origins, Rs 900-920 per kg for Madagascar origins, and Rs 890-910 per kg for Sri Lankan origins. Domestic clove prices in Kottayam have also seen a rise of Rs 20-30 per kg, ranging from Rs 980-1,020 per kg.

The Department of Commerce released import data for March, showing total imports of 2,636 MT, down 11% year on year. However, total imports from April to March were reported at 23,689 MT, representing a 32% increase year on year.

In Shimoga, the price of cloves ranges between Rs 1,000-1,020 per kg, up by Rs 20-30 per kg from the previous session. Clove stems in Kottayam are priced at Rs 130 per kg, an increase of Rs 2 from the previous session.

The steady rise in clove prices is attributed to higher import costs and reduced availability. Despite an overall increase in annual imports, the market remains tight, driving up prices.

(By CommoditiesControl Bureau: +91-9820130172)

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