India: Cashew exports up 25% in first quarter
Exports increased as world cashew usage grew, alongside prices which were lower than other tree nuts, according to sources. Sasi Varma, Executive Director and Secretary, Cashew Export Promotion Council of India (CEPCI) told Business Line that during April-November 2013, total shipments were 80,196 tonnes valued at Rs 3,346.14 crore at a unit value of Rs 417.24 a kg. ($6,752.25 USD per tonne)
Exports during the same period a year ago were 67,771 tonnes valued at Rs 2,673.39 crore at the unit value of Rs 394.47 a kg.
He said that imports of raw nuts during April-November this fiscal year, were lower at 6,28,224 tonnes valued at Rs 3,439.79 crore at the unit value of Rs 54.75 a kg.
Due to the a dull market for kernel in the last two months, and high raw cashew nut prices (about 10 per cent higher than the kernel parity), many processors have run out of stocks or cut processing so that stocks last longer.
Lower raw cashew buying in the last two months could also result in a rush to buy the 2014 crop, especially if there is any large kernel buying in the next few weeks. This could lead to continued high prices.
Range of offers were $1,000-1,200 a tonne for West Africa (2013 crop); $1,250-1,350 for Indonesia; $1,200-1,300 for Mozambique and $1,425-1,450 for Tanzania.
The Northern crop, which constitutes over 75 per cent of the world production, is good this year.
Source: hindubusinessline.com
