Cashew exports from India has dropped because of poor demand from leading retailers in the US and EU. Traders said selling domestically is more lucrative as prices have fallen in the international markets. The fall has jeopardized all hopes of Indian traders to match last year?s cashew exports, which totaled Rs 2,950 crore.
In the first eleven months of the current financial year that ended in December export realization was estimated to be around Rs 2,488.92 crore. ?Crop news and perceptions will keep the market volatile over the next few months when over 1.50 million tonne of raw cashew which is nearly 75% of the world production is to be traded,? Pankaj Sampat of Samsons Trading told FE.
According to Cashew Export Promotion Council (CEPC) figures, Indian exports are lower in volume by 8 % and value by 9.6% during the April-February period of the current financial year as compared to 2008-09. Realisation in dollar terms is down by almost 13.6% during the same period.
Unit realisation for exporting a kilogram of cashew kernel has dropped to Rs 268.75 in 2009-10 as against Rs 273.81 during April-February of 2008-09 09. Interestingly, during the same period India has imported more raw cashew from West Africa than it has done ever earlier.
Imports of raw cashew were higher by 23% for the first eleven months of the current financial year. According to CEPC, export of cashew kernels from India in 2008-09, totaled 1,08,131 tonne valued at Rs 2,950 crore.