Surge in Clove Prices: No Sign of a Downturn Soon

26-Aug-2026 06:53 PM

New Delhi. Clove prices have been on an upward trend for some time, and given the current situation, there is no likelihood of a decline in the near future. Sources indicate that spot market supplies remain tight due to reduced imports during the 2025-26 period and continued low import volumes in the current season. Although buying interest is currently limited, existing stocks are held by strong hands, and stockists are arbitrarily quoting higher prices. Notably, at the beginning of the month, the price of Madagascar cloves in the Delhi market was quoted at ₹770–₹780 per kg; this has now risen to ₹960–₹980 per kg. It is worth noting that domestic clove production meets only 20–25% of consumption needs, with the remaining 75–80% imported from countries like Madagascar, Indonesia, Sri Lanka, and Zanzibar. Reports suggest that adverse weather conditions have led to a 30–40% drop in clove production in Madagascar. Imports of the new Madagascar crop are currently underway. Due to the reduced yield, the price of cloves in Madagascar has risen to $7,800–$7,900 per tonne, up from $7,400–$7,500 per tonne just a week ago; additionally, rising container freight costs are making imports more expensive. Apart from Madagascar, Indonesia has also seen a reduced harvest. Cloves are currently in short supply, making further price increases likely in the coming days.

Imports

It is noteworthy that traders have not seen significant profits in the clove trade over the past two years, largely due to record-high imports during the 2024–25 period. This is the reason why importers reduced their imports of cloves during the 2025-26 period. According to available data, clove imports stood at 34,921 tonnes in 2024-25 but dropped to 28,001 tonnes in 2025-26. Imports were 22,511 tonnes in 2021-22 and 17,986 tonnes in 2022-23, while in 2023-24, they amounted to 23,689 tonnes.