Cashew exporters are cashing in on the global shortage of the commodity as lesser volume of exports in August bring in an increase of 42% in value. According to figures released by the the Cashew Export Promotion Council, the nation exported 9,797 tonne of cashew valued at Rs 277.72 crore in August 2008, as against an export of 10,441 tonne valued at Rs 196.05 crore in August 2007.
The cumulative exports during April-August of the current fiscal (2008-09) stands at 51,651 tonne valued at Rs 1386.24 crore, an increase of 46.5 % in value.
Exports during the same period in the last fiscal stood at 49,331 tonne valued at Rs 946.34 crore.
However, the shortage has translated into higher input cost as India imports a lot of cashew for processing and re-export. India imported 94,651 tonne of raw cashew kernel during August valued at Rs 409.45 crore, as against 78,709 tonne valued at Rs 180.15 crore in August 2007. The value of import has increased by 127% for the month of August alone.
The cumulative import during April-August of FY2008-09 stands at 3,60,109 tonne valued at Rs 1,438.47 crore, as against 3,37,793 tonne valued at Rs 827.82 crore during April-August FY2007-08.