Clove prices drop

The price of cloves has fallen by over Rs. 100 per Kg to Rs. 450 - Rs. 470 per Kg during January.

The past chairman of the Spices and Allied Products Producers' and Traders' Association Gulam Chatoor in a media release said that at the other origins, Indonesia and Madagascar, clove prices have been falling and with a very good crop in Sri Lanka at present world prices have been declining.

Practically all exports from Sri Lanka have been going to India where Sri Lanka's cloves enjoy a zero tariff under the Free Trade Agreement whereas, imports into India from other origins are subject to a 35% tariff.