The Hindu Business Line : Cashew exports set to cross Rs 2,600 cr

IF the current trend in the exports of cashew kernels is any indication, the exports this fiscal are to cross Rs 2,600 crore for the first time in the commodity's history. Thus, it is expected to break the previous record of 96,805 tonnes valued at Rs 2,569.50 crore in 1999-00.

During April-February 2004-05, a total quantity of 1,14,383 tonnes valued at Rs 2,429.49 crore was exported against 90,753 tonnes worth Rs 1,624.50 crore in the same period in 2003-04.

Export in February was 9,827 tonnes valued at Rs 222.97 crore.

Given this trend, the exports up to March 31 are to touch around 1.25 lakh tonnes valued at over Rs 2,600 crore, Mr K. Sasi Varma, Secretary, Cashew Export Promotion Council of India (CEPC), told Business Line on Thursday.

He said the US continued to be the major importer of Indian cashew with an estimated 55,000 tonnes valued at about Rs 1,200 crore.

Thus, the exports to the US as on March 31 are estimated at around 60,000 tonnes as against 48,504 tonnes in 2003-04, he said.

Exports to other major markets such as the UK, the UAE, Saudi Arabia, Japan, Belgium, Canada, France, Germany and the Netherlands have also shown increase, he said.

The average price during April-February 2005 stood at Rs 212.40 a kg against Rs 179 a kg in the same period in 2003-04.

Growing awareness about the health benefits of cashew kernels has pushed up the, he pointed out.

Export of cashew nut shell liquid has also shown an increase. Against 5,726 tonnes valued at Rs 5.87 crore in April-February 2003-04, exports in the corresponding period this fiscal stood at 7,443 tonnes worth Rs 7.83 crore.

He said according to information available from the US, "consumption of cashew in the US had continued to rise and was expected to continue with positive health report and beneficial diets".

As a result, last year the consumption of nuts in the US was at its highest level with 225-230 million pounds.

"Many attribute this increase to the health reports published advising consumers that cashews may reduce the risk of heart disease by 30 per cent".

Meanwhile, non-availability of adequate quantity of raw nuts indigenously has substantially raised the imports of this raw material this year.

During April-February, 5,67,406 tonnes of raw nuts valued at Rs 2,136.20 crore were imported against 4,40,176 tonnes worth Rs 1,363.56 crore in the same period in 2003-04.

In dollar terms, if the earnings from exports stood at $539.36 million, the outgo towards import of raw nuts was $474.25 million. Thus, the net foreign exchange earnings came to only $65.11 million.

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