Exports in November fell by 14% in volume terms while increasing 31% in value terms. According to the Cashew Export Promotion Council, India exported 8,199 tonne of processed cashew in November valued at Rs 244.07 crore against 9,527 tonne valued at Rs 186.08 crore in November 2007.
Cashew, being a premium commodity, has been the worst hit in the global recession. Trade experts see it coming down further with recession-affected households turning value conscious. Large volume contracts have declined substantially and trade is mostly carried in smaller lots, a trader said. The pull-down effect on demand for non-essential products are seen higher and the market could see a drop. Interestingly, the inventories of major US and European buyers are minimal and demand should have been good in normal circumstances, a leading exporter said.