There are still 4 months left for the cloves to arrive. The Korman Zanzibar crop was settled in October-November. Its prices have increased significantly in the international markets and do not seem to be falling.
Production reduced
The Clove crop arrives from Sri Lanka in January. Due to the slow market for two to three consecutive years, the farmers have reduced their production. Thus, the yield of clove has come to an end in Komran Zanzibar. Due to high costs in Indonesia, imports have become costlier. Only old goods are being sold in the shops due to the scarcity of money. In Malaysia and Indonesia, the possibility of fewer arrivals is being expressed. Old goods are being loaded from the said producing countries to other importing countries. At this time, the stock of cloves is also less in Madagascar, Indonesia, and Zanzibar.
Due to this, there has recently been a rise of $70-80 per tonne. Cloves have strengthened by $0,49/0,61 from the last 15 days’ interval below. Furthermore, due to political upheavals in Sri Lanka, business activities have become weak. Due to this, even the importing and exporting countries are not taking a stand towards it.
Future Scenario
This time the business of cloves was reduced due to losses faced by traders in cloves for the last 3 years. The old goods of the importers have become very useless. Importers are also not coming to sell after seeing the fallout. Thus, experts believe that looking at all these circumstances, a $0,86/0,98 increment can be predicted in the coming time.
Import/Export Statistics
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