High raw material prices make it hard for Indian cashew exporters

Rising import prices continue to be a concern for Indian cashew nut exporters. Many factories have closed due to a lack of cash after the controversial monetary policy of the country, are gradually returning to operation, but faced another difficulty is the price of crude raw materials expensive And the rupee rises.

"At prices ranging from $ 4.5 to $ 4.7 per pound, the price of cashew kernel exports will not increase relative to imported raw materials, which will average $ 2,000 per ton," said Pankaj N Sampat, Translated by Samson Traders in Mumbai. Prices rose to $ 4.9 per pound but fell to $ 4.5 per pound during the period of non-monetization. However, cashew kernel prices rose slightly in January 2017, helping boost exports. "

Cashew nut exports in January 2017 reached 8,680 tonnes, an increase of 17% in volume and 46% in value over the same period in 2016. This increase helped to reduce the overall decline in exports during the current fiscal year. in. Exports of the first 10 months of fiscal 2016/17 reached 70,049 tonnes by the end of January 2017 , down 14% in volume compared to the same fiscal year.

By November of the same year, the cumulative export volume for the current fiscal year fell to 28% from the previous fiscal year. Despite the increase in raw material prices from Tanzania and Indonesia, the quality is good. Meanwhile, at this time, the quality of raw cashew from African countries is not good compared to the two suppliers, adversely affecting the quality of cashew kernel.

Source: Economic Times