Default by Vietnam and weakening of the rupee has helped cashew exports to surge ahead in the first two months of the current fiscal. Exports, in May, recorded a 33% increase in value terms when compared to last year?s performance. Interestingly, the unit value realisation has increased drama-tically by 28% to Rs 247.17 per kg from Rs 193 per kg.
Export performance was disappointing for the last FY with exports dropping by 6% in value terms and almost 4% in volume terms when compared to 2006-07. During 2007-08, India exported 1,14,340 tonne of cashew valued at Rs 2,288.90 crore as against 1,18,540 tonne valued at Rs 2,456.15 crore in 2006-07.
According to figures provided by the Cashew Export Promotion Council, India exported in May 2008, 10,516 tonne of cashew valued at Rs 259.86 crore as against 10,130 tonne valued at Rs 195.53 crore during May 2007. India imported 60,550 tonne of raw cashew kernels during the month valued at Rs 229.36 crore as against 57,441 tonne valued at Rs 156.15 crore during May 2007.
Global prices of cashew have increased by 50% on year-to-year basis based on reports of supply problems in Vietnam, traders said. The small surge in dollar with respect to the rupee and the inclusion under the Vishesh Krishi Aur Gram Udyog Yojana (VKGUY) has also brought encouraging results, traders said.