Margin pressure confines Palasa cashew exporters to domestic market
Sreenivasa Rao Dasari Cashew processors and exporters in Andhra Pradesh mostly from Srikakulam district, feel the heat of soaring cashew prices in the global market. The import price of raw nuts soared to over $2,000 per tonne from $1,200 the previous year. Adding to their woes, the area under cashew cultivation is shrinking day by day. With the recent announcement of demonetisation by the government, their cup of woes seems to be brimming over. The cashew industry is majorly a labour-intensive one and demonetisation has made it really difficult for the industry to keep its head out of troubled waters. With such developments, there’s no other option for the businesses but to focus on the domestic market. We are now dependant on cashew ...
Industry urges FM to withdraw cashew import duty
The Dollar Business Bureau During April – December 2015-16, India’s total cashew exports shrunk by 18.27% to about $196.100 million from $239.930 million during the corresponding period of 2014-15. In February 2016, outbound shipments of cashew contracted by 23.35% to $53.60 million from $69.93 million a year ago. India’s total cashew imports, too, fell by 34.17% to $294.940 million in April-December 2015-16 from about $448.030 million during the same period of last fiscal. The cashew analysts attribute this huge decline to a less domestic production, which has been dragged down by a 9.36% import duty imposed on raw cashew nuts. “The imposition of a 9.36% import duty has given a major blow to the country’s cashew industry leading to several small ...
