Cashew exports in the first three quarters are seen higher by 28% in value realisation, and 20% in volume compared with the performance in the same period last year.
Value realisation for the first nine months of the fiscal has already touched R3,888.8 crore and likely to exceed last years performance by a handsome margin. In the last fiscal, cashew exports totalled 1,03,645 tonne with a value realisation of R4,046 crore. India is the world's largest consumer of cashew nuts with trade estimates of consumption ranging from 1,70,000 to 1,90,000 tonne. It is also one of the largest processor and exporter of kernels.
“Following a reasonable growth in usage in all markets in 2013, there are signs that usage will be good in 2014 as well due to the high prices of other nuts and relative stability of cashew prices at the lower end of range of last few years,” Pankaj Sampat of Mumbai-based Samsons Trading said.
“We believe the market may see some volatility between till May 2014 depending on news about the crop progress. After that, it should stabilise and move in a narrow range for rest of the year. If there is any strong kernel demand from the US and EU in March-April, the raw nut prices will not come down and will remain firm,” he added.
Cashew is probably the only nut for which prices have remained steady for two years in a row.
Pratap Nair of Vijayalakshmi Cashews, who is also the ambassador of the International Nut & Dried Fruit Council (INC) feels the consumption of cashew nuts is likely to increase due to a rise in the awareness level of health benefits.