Cashew exports up 12% in Q1

Kochi, July 31 | Updated: Aug 1 2005, 06:14am hrs
Cashew exports have recorded a 12% increase in the first quarter of this fiscal, fetching 35.6% additional revenue.

According to the Cashew Export Promotion Council of India, India exported 32,325 tonne of cashew kernels during April-June this year compared with 28,858 tonne during the same period last year.

The exports fetched Rs 735.14 crore compared with the previous years Rs 542.33 crore. There was a fall in the cashewnut shell liquid exports during the period.

While in the first quarter India exported 1,316 tonne worth Rs 1.32 crore, it was 1,752 tonne worth Rs 1.81 crore during the year-ago period.

According to trade sources, Vietnam maintained its export levels while there was a slight fall in exports from Brazil during the period.

However, imports were higher by around 27.05% in quantity and 60.39% in value.

With the domestic supply unable to meet the demand of exporters, the country had to import 1,55,640 tonne of raw cashewnuts valued at Rs 608.2 crore.

During the same period last year, the country imported 1,22,498 tonne valued at Rs 379.12 crore.

Prices have been on a southward sojourn, according to exporters. Over the last few months prices dipped to $2.55 per pound from $2.2 for whole nuts.

While the domestic price was around Rs 375 per kg, exports earned Rs 220.

According to estimates, the crop this year was expected to be slightly better.

The production for the year is projected to be 5.45 lakh tonne while it was 5.3 lakh tonne last year.

Meanwhile, trade sources have indicated that the recent decision on withdrawal of export benefit under the Visesh Krishi Upaj Yojana for cashew would badly affect exports.

According to the amended Foreign Trade Policy, cashew was in the minor forest produce list which gave exporters benefits.

Exporters were entitled to duty credit of 5% of the f.o.b . value.

However, by an order of April 27, 2005, cashew was deleted from the list leaving several exporters, who had shipped out their material at very competitive prices in the hope that they would get the benefits, in a quand-ary.