Cashew exports in the first three quarters are seen higher by 28% in value realisation, and 20% in volume compared with the performance in the same period last year.
Value realisation for the first nine months of the fiscal has already touched R38,888,000,000 ($640 million USD) and likely to exceed last years performance by a handsome margin. In the last fiscal, cashew exports totalled 103,645 tonnes with a value realisation of R40,460,000,000 ($666 million USD). India is the world's largest consumer of cashew nuts with trade estimates of consumption ranging from 170,000 to 190,000 tonnes. It is also one of the largest processors and exporters of kernels.
“Following a reasonable growth in usage in all markets in 2013, there are signs that usage will be good in 2014 as well due to the high prices of other nuts and relative stability of cashew prices at the lower end of range of last few years,” Pankaj Sampat of Mumbai-based Samsons Trading said.
“We believe the market may see some volatility till May 2014 depending on news about the crop progress. After that, it should stabilise and move in a narrow range for the rest of the year. If there is any strong kernel demand from the US and EU in March-April, the raw nut prices will not come down and will remain firm,” he added.
