The cashew commodity news revolves around the decline of cashew exports from India to the US. The nation’s exports of cashew to the US has declined to 13,179 metric tonnes (MT) at 9.06 billion Rupees in the financial year 2017-18 from 33,898 MT at 15.05 billion Rupees in FY 2013-14.
During the FY 2013-14, the US was the biggest target for the Indian cashew exporters. The fall in cashew exports to the US is mainly due to the contenders like Vietnam offering similar quality items at a lower price.
But, cashew exports from India to Japan, UAE, and Saudi Arabia have seen improvement, both in terms of value as well as volume. Export of cashew registered an expansion of 14 percent in value realization and increment of 2.5 percent in quantity when contrasted with 2016-17, as indicated by the CEPCI (Cashew Export Promotion Council of India).
The UAE, US, Netherlands, Japan, and Saudi Arabia were the main five markets for Indian cashew exporters during 2017-18. Cashew commodity news confirms that the CEPCI is exploring marketing strategies to recover the lost offer in these traditional markets.
In terms of quantity, the overall cashew exports have descended from 1,14,791 MT in FY 2013-14 to 84,352 in FY 2017-18. With regards to value, the overall cashew exports it has developed from 50.58 billion Rupees to 58.71 billion Rupees during the same period, the Business Standardreported.
The cashew exportation to the Netherlands, the third largest export target for India, has also decreased in volume from 9,918 tonnes in FY 2013-14 to 8,650 tonnes in FY 2017-18. In terms of value, the exports to the Netherlands have improved from 4.23 billion Rupees to 5.84 billion Rupees, said CEPCI, according to commodityonline reported.
It is a serious concern that India is losing the market share in conventional markets like the US, Japan, and Europe, said R K Bhoodes, who is the chairman of CEPCI, during the latest annual general meeting of the organization.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]