Cashew exports are on a roll in the current FY, registering a 40% growth (in value terms) for Q1 after a disappointing performance in the last FY. Global shortage for the commodity coupled with Vietnam defaulting on export contracts has seen India capture a larger share of the market, traders said. Cashew nut prices also increased dramatically in the world market causing discomfort to exporters who rely on import of raw kernels for processing and re-export.
Meanwhile, some Indian exporters with huge inventory have reaped a windfall as cashew prices almost doubled within few months.
During April-June 2008, India exported 30,578 tonne of nuts valued at Rs 779.69 crore against 28,876 tonne valued at Rs 560.57 crore in April-June 2007. For June, the nation exported 10,570 tonne valued at Rs 292.37 crore at a unit value of Rs 276.67 per kg. The unit vaule has increase by 47% when compared to the performance of June 2007, according to figures provided by the Cashew Export Promotion council.
