Cashew kernel exports jump 17% in 11 months of FY14

The value of export earnings in dollar terms rises 14% to $765 mn during April-Feb

Cashing in on the depreciation in rupee value against the dollar, India's cashew kernel exports have recorded 17% rise in volume and 27% in value terms during the first 11 months of the current fiscal. For the period between April 2013 and February 2014, cashew kernel exports touched 109,958 metric tons compared to 93,841 metric tons in the same period last year.

The value of exports in rupee terms has gone up 27% to Rs 4,624.35 crore as against Rs 3,649.50 crore in the corresponding period last year. In dollar terms, the export earnings increased 14% to $765 million compared to $671 million in the year ago period, according to data available with Cashew Export Promotion Council of India (CEPCI).

The unit value realisation was moderately higher by 8.22% to Rs 420.56 per kg compared to Rs 388.90 per kg in the year ago period.

However, in the month of February, exports were lower at 7,009 metric tons as against 7,972 metric tons in the same month last year, showing a decline of 12%. The value of exports in dollar terms also went down 8.78% to $50.67 million against $55.55 million in the year ago period. In rupee terms, the export earnings in February 2014 were marginally higher at Rs 315 crore from Rs 299 crore last year.

With just one week remaining for the financial year to end, the cashew kernel exports are likely to register an all time high in value terms this year.

In value terms, the exporters have already surpassed last year's earnings of Rs 4,046 crore, in the first 11 months of the current fiscal. In volume terms, the exports are almost near the last year's level of 110,306 tonne.

During the current year, exports of roasted and salted kernels went up 6.37% to 1,718 metric tons compared to 1,615 metric tons last year.

For the first 11 months ended February 2014, the cashew processing units imported 732,478 metric tons of raw cashew nuts, a decline of 14% over the same period last year. Between April 2012 and February 2013, India had exported 852,183 metric tons of raw cashew nuts. In value terms, importers paid out Rs 4,246.37 crore, about 16.5% lower than last year. In 2012-13, the cost of imported nuts amounted to Rs 5,084.98 crore.

The average unit value of imported nuts was Rs 57.97 per kg, about 2.85% lower than the previous year. India requires an estimated 1.5 million metric tons of raw nuts. The domestic production is estimated at 700,000 metric tons.