New Delhi, February 23 (Commodities Control): The prices for domestic cloves have continued to decline, with variations in different origins. In Kottayam, prices range from Rs. 860 to Rs. 870 per kilogram for Comoros, Rs. 860 to Rs. 880 for Madagascar, and Rs. 890 to Rs. 920 per kilogram for Sri Lanka. Domestic clove prices in Kottayam are reported to be between Rs. 950 and Rs. 980 per kg, experiencing a decrease of Rs. 20-30 per kg from the previous session. The domestic market is under pressure due to higher supply resulting from increased imports and decreased exports.
Domestic prices have witnessed a decline after remaining stable for an extended period, primarily due to excess supply resulting from heightened imports. In Shimoga, the price per kilogram ranges between Rs. 1,000 and Rs. 1,020, with the latter being Rs. 20 less per kg. Additionally, clove stems were priced at Rs. 160 per kilogram in Kottayam, reflecting a decrease of Rs. 5 from the previous session.
The Department of Commerce released import data for December, indicating a substantial year-on-year increase in imports. This surge is attributed to higher imports from Madagascar and Tanzania, while imports from the Comoros witnessed a significant decrease. Imports for the month were reported at 1,304 MT, reflecting a 28% year-on-year increase. The total imports from April to December stood at 15,431 MT, marking a robust growth of 40% year on year. In contrast, exports were reported to be 59% lower during the month.
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