| Date: |
20-04-2016 |
| Subject: |
High prices, shortage of raw nuts push cashew exports down 11% |
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KOCHI: High prices and shortage of raw nuts have pushed Indian cashew exports down 11% in 2015-16 from a year earlier. The slump in quantity has been 21%. As per initial estimates of Cashew Export Promotion Council of India (CEPCI), cashew exports for the year reached 94,150 tonnes valued at Rs 4,850 crore. The value had touched a record Rs 5,431 crore in the previous year.
Raw nut imports, mostly from Africa, have been going up in the past few years with rising consumption of cashew. To prevent misuse of import norms, the government had imposed 9.36% duty on imports a month ago. This has curbed the import of raw nuts which fell short of 1 million tonnes at 949,322 tonnes in FY16.
Imports in the last month showed a29% drop. India is now importing over 60% of its raw nut requirement. "Exports were hit by aggressive selling by Vietnam at competitive prices. There is a delay in raw nut arrivals and almost 30-40% of raw nuts produced are now being processed in Africa itself,'' said Prakash Rao, managing partner, Kalbavi Cashews.
Source : economictimes.indiatimes.com
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