Photos
Announcements
Job offersmore »
- Experienced Greenhouse Tomato Grower - Australia
- Business Manager, Green Grocer - Australia
- International Sales Executive (ISE0710) - UK
- Trader - Holland
- Trader - Spain
- Salesman - Poland
- Operations Manager - Netherlands
- Glasshouse Crop Specialist - Canada
- Market Intelligence Analyst - UK
- Responsable commercial export - France
Specialsmore »
Recent commentsmore »
- New Zealand work permit scheme for fruit pickers changed (90)
- Jamaica: Small-scale agriculture goes high-tech (1)
- Further Inventions for a progressive World…. (1)
- ZESPRI releases final numbers for new variety uptake (1)
- Kroger Board of Directors declares quarterly dividend (1)
- Kyle Mathison crowned Cherry King (1)
- India: Chilli farmers get weather-based insurance claims in AP (2)
- Chile may raise rates most in nine years, BCI says (1)
- Duda Farms Fresh Foods expands fresh-cut operations in Oxnard, CA (1)
- US: High tunnels are becoming mainstays (1)
Top 5 - yesterday
- No news was published yesterday.
Top 5 - last week
Top 5 - last month
Other news more »
- With ruling, battle over Arizona immigration law enters new phase - Christian Science Monitor
- Gulf cleanup will change once oil stops for good - The Associated Press
- Hands On with the New Amazon Kindle - PC Magazine
- Obama shares ups, downs on 'The View' - CNN
- Will Charlie Rangel Make a Last-Minute Deal? - New York Magazine
- French mother charged with killing eight of her babies - Telegraph.co.uk
- Survivor of Mont. bear attack says she played dead - The Associated Press
- Second missing sailor in Afghanistan is found dead - Washington Post
- Rain dampens rescue efforts in Pakistani plane crash as nation mourns - Xinhua
- 4 Killed As US Military Cargo Plane Crashes In Alaska - RTT News
Source: Google News
Exchange ratesmore »
- USD: 1.3069
- JPY: 113.64
- GBP: 0.83670
- AUD: 1.4500
- BRL: 2.3042
- CAD: 1.3504
- CNY: 8.8557
- NZD: 1.7996
- ZAR: 9.5650
Euro foreign exchange reference rates
Source: ECB
India: Cashew prices double as Vietnam defaults
Cashew nut prices have almost doubled in the past few weeks with Vietnam defaulting on export contracts and Indian crop down 50% due to atypical rains, traders said. Indian exporters have regained lost market shares and signed contracts above $7 per kg, which is a record high in the recent past, Bharathan Pillai, chairman, Cashew Export Promotion Council of India told FE.
Pillai said that Indian exports in the current fiscal are likely to increase substantially in value terms compared to the performance of the last fiscal due to global supply shortage. However, in volume terms exports are likely to fall short of the last year’s performance, he added. Exports, in May, recorded a 33% increase in value terms. Interestingly, the unit value realisation has increased drastically 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.
Exporters from Vietnam have defaulted on contracts to the US, Europe and Japan after failing to procure raw cashew nuts economically. Average cost of raw cashew nut has moved up to $1,200 per tonne (Rs 51,563) from $800 last year. The wild fluctuations in the Vietnamese currency have also added to the ongoing problems.
“India may have to shell out more to import raw cashew kernels as the price of raw nuts has also increased in tandem. But the unit value realised from re-export is likely go up by 50-60% more,” Pillai said.
Source: financialexpress.com
Cashew nut prices have almost doubled in the past few weeks with Vietnam defaulting on export contracts and Indian crop down 50% due to atypical rains, traders said. Indian exporters have regained lost market shares and signed contracts above $7 per kg, which is a record high in the recent past, Bharathan Pillai, chairman, Cashew Export Promotion Council of India told FE.
Pillai said that Indian exports in the current fiscal are likely to increase substantially in value terms compared to the performance of the last fiscal due to global supply shortage. However, in volume terms exports are likely to fall short of the last year’s performance, he added. Exports, in May, recorded a 33% increase in value terms. Interestingly, the unit value realisation has increased drastically 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.
Exporters from Vietnam have defaulted on contracts to the US, Europe and Japan after failing to procure raw cashew nuts economically. Average cost of raw cashew nut has moved up to $1,200 per tonne (Rs 51,563) from $800 last year. The wild fluctuations in the Vietnamese currency have also added to the ongoing problems.
“India may have to shell out more to import raw cashew kernels as the price of raw nuts has also increased in tandem. But the unit value realised from re-export is likely go up by 50-60% more,” Pillai said.
Source: financialexpress.com
Publication date: 6/25/2008
respond to this article
email this article
printReceive the daily newsletter in your email for free | Click here
Other news in this sector:
Leave a comment:
|
|
|
|
|
|
|
|
|
|