Sri Lanka: Clove Market 2024

Clove Market Size in Sri Lanka

The Sri Lankan clove market surged to $X in 2022, jumping by X% against the previous year. Over the period under review, consumption, however, recorded a buoyant increase. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Clove Production in Sri Lanka

In value terms, clove production rose significantly to $X in 2022 estimated in export price. In general, production, however, posted a tangible expansion. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

The average yield of cloves in Sri Lanka shrank notably to X tons per ha in 2022, waning by X% on 2021. Overall, the yield, however, continues to indicate buoyant growth. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, the average clove yield hit record highs at X tons per ha in 2021, and then dropped remarkably in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The clove harvested area in Sri Lanka fell slightly to X ha in 2022, shrinking by X% compared with 2021 figures. In general, the harvested area showed a pronounced decline. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The clove harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Clove Exports

Exports from Sri Lanka

In 2022, approx. X tons of cloves were exported from Sri Lanka; declining by X% on the previous year. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of X%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, clove exports declined rapidly to $X in 2022. Overall, exports, however, recorded a mild increase. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for clove exports from Sri Lanka, with a X% share of total exports. Moreover, clove exports to India exceeded the volume sent to the second major destination, Saudi Arabia (X tons), fourfold. The United States (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and the United States (X% per year).

In value terms, India ($X) remains the key foreign market for cloves exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and the United States (X% per year).

Export Prices by Country

In 2022, the average clove export price amounted to $X per ton, rising by X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (X%), while the prices for the other major destinations experienced more modest paces of growth.

Clove Imports

Imports into Sri Lanka

In 2022, purchases abroad of cloves decreased by X% to X kg, falling for the third year in a row after two years of growth. Over the period under review, imports saw a precipitous curtailment. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, clove imports shrank rapidly to $X in 2022. In general, imports continue to indicate a sharp slump. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Australia (X kg), Indonesia (X kg) and Germany (X kg) were the main suppliers of clove imports to Sri Lanka, with a combined X% share of total imports. India lagged somewhat behind, accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of X%), while imports for the other leaders experienced a decline.

In value terms, Germany ($X) constituted the largest supplier of cloves to Sri Lanka, comprising X% of total imports. The second position in the ranking was taken by Australia ($X), with a X% share of total imports. It was followed by Indonesia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (X% per year) and Indonesia (X% per year).

Import Prices by Country

The average clove import price stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2018 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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