In India, while the exports of cashew nuts have continued their downward spiral in the current fiscal year, imports of raw cashew nuts (RCN) have increased.
Total exports during April-November 2015 stood at 64,220 tonnes valued at ₹3.2bln at a unit value of ₹505.81 a kg. Whereas, during the corresponding period last year total shipments stood at 78,715 tonnes valued at ₹3.5bln at a unit value of ₹447.50 a kg.
At the same time, imports of RCN increased to 8,12,047 tonnes valued at ₹6.9 bln during the first eight months of the current financial from 7,91,245 tonnes valued at ₹5.3 bln in the same period the previous fiscal.
The unit value also showed a rise to ₹85.92 a kg from ₹67.13. Exports of Cashew Nut Shell Liquid/Cardanol during the current fiscal rose to 7,653 tonnes valued at ₹40.8 m from 6,944 tonnes valued at ₹32.2 m. Unit value realisation stood at ₹53.42/kg (₹46.50), according to Sasi Varma, Executive Director and Secretary, Cashew Export Promotion Council of India (CEPCI).
“Nearly 50 per cent of the factories in the organised sector continued to remain closed from April 1, following a substantial hike in the wages by the state government and high raw nut prices. As a result, exports continued to decline, adversely affecting the industry on the export front,” Sundaran Prabha, Chairman, CEPCI, told BusinessLine.
However, good persisting domestic demand, he said, is presently supporting the industry but how long it will sustain cannot be predicted, he said.
