Cashew Kernel Price Today

Cashew Kernel Price Today...

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Thứ Tư, 29 tháng 4, 2015

China: Global leader in nut consumption


With nearly 3.8 million tonnes of nuts consumed in 2013, China has become one of the world’s leading nut consuming countries.

When calculating nut consumption in 2013, the leading crops were walnuts (1.7 million tonnes), chestnuts (1.6 million tonnes) and pistachios (82.8 thousand tonnes), which together accounted for approximately 89.4% of Chinese consumption. These crops are the main types of nuts grown in China.

From 2007 to 2013, the highest growth rate was attributed to walnuts with shells (CAGR +18.4%), followed by almonds with shells (CAGR +9.0%). The remaining types of nuts also showed positive dynamics +5-7% per year.

In physical terms, walnuts with shells accounted for the highest share (47.0%) in 2013 of Chinese nut production, followed by chestnuts (45.6%), pistachios (2.0%) and almonds with shells (1.2%).

The crops with the largest quantity of area harvested in 2013 were walnuts (425.0 thousand hectares), chestnuts (305.0 thousand hectares), pistachios (25 thousand hectares) and almonds (14.5 thousand hectares), which together accounted for 95.8% of the area harvested in China. Between 2007 and 2013, the highest annual growth rates were registered for walnuts (+12.5%), pistachios (+6.1%) and chestnuts (+4.2%).


Guinea Bissau to export 250,000 tons of cashew nuts in 2015

Apr 28, 2015

Guinea Bissau government expects to export a total of 250,000 tons of cashew nuts this year, an official source in Bissau said on Monday.

To achieve this target, the government has fixed the purchase price from farmers at 300 CFA Francs (0.5 U.S. dollar), against 250 CFA Francs previously.The measure, which was hailed by the farmers, will help to reduce smuggling of the cashew produce to neighboring Senegal where the buying price is high.Elsewhere, the government has warned all traders against buying cashew nuts from farmers at a price lower than the recommended one.Farmers who spoke to Xinhua said this year’s price was good and affirmed their willingness tosell their produce during this year’s commercialization period that began on April 18 and is expected to last for threemonths.However, despite the increased buying price, smuggling of cashew nuts to Senegal has not ceased. Guinea Bissau authorities said over 2,000 tons of cashew nuts heading to Senegal were recently seized. Enditem

Source: Xinhua

India: Govt to chalk out plan to implement GI on feni

Tue Apr 28, 2015

Five years after Geographical Indication (GI) for feni was obtained in February 2009, the government has now begun chalking out a plan to implement GI to avail of benefits like higher revenue to local producers, control on spurious production of feni and a boost on export. The validity of GI for feni expires in 2019, and the Goa government will not be able to derive any further benefits unless it is renewed. Though five years have been lost, the excise department is frantically trying to locate and engage feni experts to collect inputs to standardize production of feni and its development.

A government committee, constituted in September last year under the chairmanship of commissioner of excise Menino D'Souza, will shortly have its second meeting. The committee was constituted to draw the benefits of GI, formulate guidelines and offer advice over the development of feni. D'Souza told TOI that they can't enjoy the benefits of GI in the real sense unless it is implemented, and that they have initiated the process.

"We want to hire the services of consultants but a decision will be taken after the government's approval," said D'Souza, who recently laid his hands on a case study on feni conducted by a researcher, Dwijen Rangnekar, with Warwick University, UK. The department will be getting in touch with Rangnekar seeking permission to use his work. The GI for feni is jointly owned by the department of science, technology and environment and Goa cashew feni distillers and bottlers' association.

Mac Vaz, president of Goa cashew feni distillers and bottlers association, said getting GI was the most important step and his stand over consistently pursing GI for feni stands vindicated as Goa's neigbouring states have now started extracting juice from cashew apples. The GI has stamped that feni belongs to Goa and other states can't lay claim to it, he added. He said that they market feni as a country liquor made in India from Goa, and it's doing well.

The excise commissioner said that to ensure the right quality of feni is available in the market, they have to have ensure strict quality control. The food and drugs administration (FDA) will need a better laboratory for the purpose than its existing one, said D'Souza. Until two years ago, some traders had labels on feni bottles sold by them that claimed the spirit was over 10 to 12 years old. The department stopped them as there was no proof that the feni was left to mature for so many years. "Where was the proof? It was cheating," D'Souza said.


Chủ Nhật, 26 tháng 4, 2015

India: Raw Cashew Weakens on Heavy Arrivals in India

Sat Apr 25, 2015

South Indian cashew  harvest has reached its peak. But there is no significant downtrend in prices because of improved quality. Imports may become cheaper in coming days.

Premium W320 is moving around Rs6300/11.340 kilo/ Goa-Mangalore. Still these prices are unworkable as the cost of production is Rs6500/11.340 kilo/Goa-Maharashtra.


Thứ Sáu, 24 tháng 4, 2015

India: Wholes Production Still Exceeds Demand in Goa – Mangalore

Mon Apr 20, 2015

Premium W320 is trading around Rs6200/tin/11.340 kilo, in the western coastal region of India. But the eastern region is experiencing pieces, splits as well as wholes shortage.

This year, Ramadan fast commences from June 19. Boom period in the wholes market may begin soon.

Govt of Goa is supporting the local raw cashew market. Traders from the border region are misusing this benefit. When this kind of misuse stops, raw cashew prices will fall in Maharashtra and Karnataka.


Thứ Năm, 23 tháng 4, 2015

USA: Drought to cut into almond yields

April 20, 2015

Prices expected to remain robust, says report

Continued drought and poor pollination decreased California’s almond crop nearly 12 percent in 2014, helping drive prices to record highs. According to a new report by Rabobank’s Food & Agribusiness Research and Advisory group (FAR), the decline in year-over-year yields was despite the addition of nearly 20,000 bearing acres.Vernon Crowder, a senior vice president and senior analyst with FAR, said that one of the primary drivers of continued demand and higher prices is the use of almonds. “According to the Almond Board of California, nearly 50 percent of the almonds consumed in the U.S. are used as ingredients,” said Crowder. “The higher usage as an ingredient increases the inelasticity of demand for almonds.” Released today, Rabobank’s report, “California Almonds: Maybe Money Does Grow On Trees,” notes that in other parts of the world almonds are used as ingredients even more, in some cases exceeding 75 percent of overall consumption.

The report goes on to examine where growers and marketers will look for price trends. It notes that in-shell consumption has shifted since the early 2000s. In 2013, 86 percent of in-shell exports amounting to 400 million kernel pounds went to the Middle East, South Asia and East Asia markets, which overtook Europe as the largest purchaser of almonds.Rabobank’s report concludes that the price for almonds will continue to increase in the short term, not only because of supply and demand but also due to increased awareness of the health benefits of the product. This trend is expected to drive further plantings, though the growth of total production will be slower than in recent years due to the higher cost of suitable land and the scarcity of water.

Other findings of the report:

- The 2014 California almond crops was 1.85 billion pounds, down 12 percent from the previous year, due to poor growing conditions.

- Continued strong demand has driven prices to record levels. Prices are expected to remain strong.

- In spite of growing water concerns, almond growers will continue to increase plantings and total production, leading to a rise of about 2 percent and 3.5 percent per annum, respectively, over the next decade.

- The use of saline groundwater for irrigation in 2014, and the expected use this year, will result in lower yields through 2017.


India: Wholes Production Still Exceeds Demand in Goa – Mangalore

Mon Apr 20, 2015

Premium W320 is trading around Rs6200/tin/11.340 kilo, in the western coastal region of India. But the eastern region is experiencing pieces, splits as well as wholes shortage.

This year, Ramadan fast commences from June 19. Boom period in the wholes market may begin soon.

Govt of Goa is supporting the local raw cashew market. Traders from the border region are misusing this benefit. When this kind of misuse stops, raw cashew prices will fall in Maharashtra and Karnataka.


Bissau farmgate cashew price up 30 pct in 2015; govt to boost exports

Mon Apr 20, 2015 1:26pm GMT

BISSAU (Reuters) - Guinea-Bissau set 2015 farmgate cashew price paid to farmers at 300 CFA francs ($0.49) per kg said on Monday, 20 percent higher than the previous year, as the government launched a new season aimed at boosting its top export earner.The tiny West African nation is the world's seventh-biggest cashew producer. Production of the snack accounts for around 90 percent of Guinea Bissau's export revenues and employs some 80 percent of its population of 1.6 million.Baciro Dja, Bissau government spokesman said the goal was to export at least 200,000 tones of cashew this year. Bissau exported some 130,000 tonnes in 2014.India is the main purchaser of the Bissau cashew, but the government plans to export to China and Vietnam this year. Dja said the government also aims to stop the smuggling of Bissau cashew to neighbouring Senegal where some 60,000 tonnes were smuggled last year.

Bissau cashew season runs from April to September.

($1 = 612.0700 CFA francs)


Thứ Hai, 20 tháng 4, 2015

India: Cashew processor accused of fraud

KOLLAM, April 21, 2015

Cashew processors here under the banner of an action council alleged that a cashew processor based in Adoor had cheated them of more than Rs.10 crore under the guise of supplying them raw cashew from African countries at concessional rates. On assurance of delivery, the businessman had taken an advance amount from them.

At a press conference here on Monday, action forum general convener Thulaseedharan Pillai, along with others who had been allegedly cheated, said that all payments were on record through the online system and duly acknowledged. But the consignment did not reach them even after the normal period of delivery from Africa.


When inquiries were made, they were threatened.

Mr. Pillai alleged that apart from the businessman, his wife and father-in-law too were involved in the fraud. Though several police complaints were lodged no action had been initiated against the trio. The council members produced copies of the complaints lodged.
They alleged that at least two Ministers in State were protecting the culprits who have considerable influence in the Congress. When asked to identify the Ministers, they said that would be done at a later stage.

Complaints filed

The action council members said that police complaints were filed against the three at Pathanamthitta, Adoor, Kollam West, and Kollam East police stations. If there was any further delay in initiating action, they would take out a march to the Secretariat, Mr. Pillai said.

  • ‘Promised to procure raw cashew from Africa’
  • ‘At least two State Ministers protecting culprits’

  • Source:
  • Chủ Nhật, 19 tháng 4, 2015

    India: Row over wage hike hits cashew sector

    KOLLAM, April 18, 2015

    Many factories remaining shut from April 1

    Uncertainty has gripped the cashew sector with the majority of factories remaining shut in the wake of a wage hike for workers coming into force on April 1.

    While factory owners insist that the wage hike is “unaffordable,” trade unions have launched agitations insisting on enforcing the hike.

    At a press meet on Friday, factory owners under the banner of the Kerala Cashew Processors and Exporters Association said Chief Minister Oommen Chandy should intervene to settle the issue.

    They demanded that a commission be set up to study the situation in the cashew sector and whether the 35 per cent wage hike was good for the industry.

    President A.M. Sahaludeen said more than 500 cashew factories which had been functioning till March had been closed. The owners said attempts by trade unions to make political capital from the industry had caused the situation.

    Secretary K.M. Nazar said the practical aspects of running the industry in the present global scenario had been ignored by the trade unions. He said the owners were wiling to accept a justifiable wage hike but the 35 per cent hike would ruin the industry.

    The rise in international price of raw nut had worsened the situation. At present, raw nut was available only from Ivory Coast, where the price had reached $1,400 a tonne.

    This was about $400 above the price in the international market during December-January. On the other hand, the price of kernel in the global markets was remaining stable at $3.35 per pound for the past one year.

    Mr. Nazar said that to make things worse, the Union government had withdrawn the 5 per cent export incentive under the Vishesh Krishi Gram Upaj Yojana scheme to the industry. He urged the State government to pressure the Centre to restore the incentive to cashew exports. As it was a traditional industry, steps should be taken to declare cashew as a protected industry, he added.

  • Wage hike was to be effected then
  • Cashew exporters object to 35% hike

  • Source:
  • Nigeria: Cashew Could Contribute Billions Of Naira To The Economy – Expert Explains

    April 18, 2015

    The Managing Director, Universal Quest Nigeria, Anga Sotonye, who doubles as a cashew export expert, has said that Cashew could contribute millions of naira to the economy.

    Speaking at an export business luncheon on Nigeria’s multibillion cashew industries in Lagos recently, He urged the Federal Government to include cashew seedlings in the Growth Enhancement Scheme (GES) as part of the inputs farmers can get from the Federal Ministry of Agriculture and Rural Development He stressed the need for Nigeria to consolidate its place in the cashew world by increasing its production and processing.
    “Cashew is our heritage and one crop for which Nigeria has comparative advantage, and this explains why we have to be innovative and deliberately stimulate continuous improvements and drive growth in the cashew sector.” He explained that cashew from its humble beginning, has now grown to become the winner crop that is supporting over 300,000 families in Nigeria covering the North, West, East and South of the country.
    Anga noted that cashew would contribute N42 billion to Nigeria’s economy in 2015 ,but requires N50 billion to enable it boost production, processing and marketing and, in return, generate turnover of N1 trillion in 10 years.
    “As we allocate more land for cashew cultivation, our major focus should be to increase our national average in terms of yield per hectare, which is around 400 – 600 kilogrammes per hectare, to at least 1,000 -1,500 kilogrammes per hectare, and this can be achieved through the establishment of a national cashew seed programme; improving farm level productivity by planting improved disease resistant high yielding cashew seedlings; and rejuvenation of old cashew farms and capacity building for cashew farmers,” he said.

    Poland to Offer Assistance for Processing Cashew in East Flores, Indonesia

    Thu Apr 16, 2015

    The government of Poland will lend technological assistance for processing cashew into jam in East Flores district, East Nusa Tenggara province.

    "The Indonesian Ambassador to Poland Peter Gontha has promised to provide the equipment during his visit to Larantuka in early April, and the government of Poland will also give assistance," Head of East Flores district Yoseph Lagadoni Herin stated here on Wednesday.

    Every year, the cashew harvest by the farmers in East Flores reaches hundreds of tons, but only some of it is exported to Java Island as the prices are less reasonable. Consequently, the economic value gained by the farmers highly depends on the market in Java Island.

    "If we can process the cashew into ready-to-consume products in East Flores, the farmers can gain more profits. Besides this, more job opportunities will be created in the manufacturing industry for the communities," Herin emphasized. The head of district has been invited to sign a memorandum of understanding (MoU) for establishing cooperation in Jakarta, and the assistance is expected to be provided to East Flores by May 2015.

    He added that the government of Poland has also promised to offer technological assistance in the areas of fish canning and coffee processing. "The Indonesian ambassador to Poland noted that the need for coffee in Poland is high, and the communities in East Flores want to export coffee to Poland," Herin stated.

    Cooperation in the areas of fish canning and coffee processing will be further discussed on the sidelines of the signing of the MoU on cashew processing technology.


    Gambia: 2015 Cashew Marketing Season Commences April 15

    April 14, 2015

    The Cashew sector in The Gambia has registered significant developments witnessing the establishment of the Cashew Alliance of the Gambia (CAG) as the apex institution of the Cashew sector and the initiation of the Cashew Sector Development and Export Strategy 2014-2019 by the Government of the Gambia, through the Ministry of Trade Industry, Regional Integration and Employment (MOTIE) with the support of the Enhanced integrated framework (EIF) project, the international Trade Center (ITC) based in Geneva, Switzerland and other key stakeholders of the Cashew Sector in The Gambia.

    Cognizant of the need to enhance quality and improved marketing of Cashew in The Gambia, "The Cashew Alliance of the Gambia in consultation with the entire Cashew Value Chain Actors (farmers, Traders, Processors, Exporters) and other relevant public and private stakeholders of the Cashew sector, at a National stakeholders pre-marketing Season Consultative Forum held at the Baobab Holiday Resort, Kololi is pleased to declare April 15, 2015, as the start date for the 2015 Cashew Marketing Season, in The Gambia."By this declaration, the cashew Alliance of the Gambia urges all its members, value chain actors and relevant stakeholders of the cashew sector, to adhere to the recommended code of best practices in line with the African Cashew Alliance Code of Conduct and Maputo Declaration on the development of Africa's Cashew Industry (September 2010).

    We thank you in advance for your cooperation and wish the entire cashew Fraternity a very successful 2015 Cashew Marketing Season in The Gambia.


    Thứ Hai, 13 tháng 4, 2015

    India: Exports take a Dent as Cashew Workers' Strike Continues

    The Australian nut industry looks set to crack $1 billion in value by the end of the year

    Monday, April 13, 2015

    Significant growth in the almond industry in driving the value of the industry to new records The Australian Nut Industry Council said the almond industry makes up one third of the total value of the Australian nut industry.  Council chairman Jolyon Burnett said the industry would increase its export value in the next few years and almonds were currently the leading exported variety.  "It is the single largest exporter among all the nuts and represents over a third of the total value of the Australian nut industry so it's definitely the one driving the growth," he said. "We're fairly confident the trade value of the Australian tree nut industry will top a billion dollars by the end of this year and if those sorts of growth trends continue it will easily surpass a billion dollars in export by the end of this decade.  "Almonds globally have seen their production double but their value triple and that story is repeated petty much across pecans, walnuts and pistachios."

    Thứ Sáu, 10 tháng 4, 2015

    India: Domestic cashew market is growing faster than exports

    KOCHI: Increasing domestic cashew consumption is affecting India's exports of the nut that is a rich source of anti-aging agents. With local demand increasing 15% annually, consumption in India has overtaken that of the US and Europe, the principal buyers of Indian cashew. 

    "The annual Indian consumption is hovering around 2 lakh tonne compared with about 1.3 lakh tonne in the US and 80,000 tonne in Europe," said Pankaj N Sampat, director of Mumbai-based Samsons Traders. India's exports have been around 1.2 lakh tonne a year. 

    With cashew's popularity increasing, its processingwhich was limited to the four southern states, is spreading to other places. "Cashew has seen several new origins like Gujarat, West Bengal and Maharashtra in the past few years," said K Prakash Rao, managing partner of Kalbavi Cashews. This has increased the number of processors, putting pressure on the availability for processing systems, said Rao. The booming local market has hindered the growth of exports, he added. Cashew is a major foreign exchange earner for India. 

    Though official figures are yet to come out, value of cashew exports in 2014-15 was estimated to have surpassed Rs 5,000 crore, achieved in the previous year. Till the end of February 2015, cashew worth Rs 4,986 crore was exported. 

    Vietnam, a major producer, exports almost the entire production as its domestic consumption is marginal. 

    The problems confronted by the export market - like the high price of imported raw cashew nuts, rising cost of production and a lower price in the world market - have also worked in favour ofdomestic consumption.


    India: Cashew kernel market shows some buoyancy on tight supplies


    The global cashew market has shown some buoyancy last month and the trend is expected to remain in April, after remaining subdued in January and February.

    “Reasonable activity was witnessed in March and most of the business was for shipments up to May/June. However, some business was done for shipments in the second half of 2015,” trade sources said.
    Last month cashew kernel prices were – depending on the processor and shipment period – in the range for W240 from $3.65-3.85; W320 $3.40-3.60; W450 $3.15-3.25; SW320 $3.25-3.35; splits $2.90-3.10 and pieces $2.85-3 all per lb (fob).
    “In the last 2-3 weeks, prices for WW320 and SW320 have moved to the higher end of the range with hardly any offers near the lower end of the range,” Pankaj N Sampat, a Mumbai-based dealer, toldBusinessLine.
    Broken grades continue to be tight supplied as yield per tonne of Raw Cashew Nuts (RCN) has come down to normal levels and even below normal for more efficient shellers, and usage, especially in Asia, has gone up, he said.
    In the first quarter of 2015, Indian shellers have been served a double blow, he said.
    First, a huge wage increase in Kerala which has made processing very uncompetitive.
    And this week, a reduction in duty credit from 5 per cent to 2 per cent of FOB value for all exports after April 1.
    Higher productivity and cheap labour has steered Vietnam to the top rung as the producer of RCN and exporter of cashew Kernel, pushing India to the second slot, he pointed out.
    According to Pankaj, Northern Hemisphere crops, which are projected as 75 per cent of the world production, are currently being harvested.
    Crops are expected to be good in most areas. There is, however, concern about lower quantity in some areas and lower kernel yields in some others.
    Also, there is concern that logistic issues in some countries might delay the movement of RCN to Vietnam and India.
    RCN prices were trending lower in February on expectation of good crops but started moving up from mid-March due to slow arrivals.
    Currently, India and Vietnam RCN are trading in the range of $1,450-1,500 a tonne. Prices from West Africa are in the range of $ 1,100-1,300 a tonne c&f, depending on origin, quality, shipment period, payment terms.


    India: State govt urged to formulate cashew policy

    Mangaluru, April 05, 2015,

    MLC Ivan D’Souza has urged the State government to formulate cashew policy to promote scientific cultivation of cashew and increase the production in the State. 

    Briefing reporters, on Saturday, he said without scientific cultivation, growers are not getting the expected yield. With reduction in supply of cashewnuts, manufacturers have to depend on foreign countries to import. A total of 96,216 tonne cashewnuts are produced in the State. The area under cashew cultivation in Dakshina Kannada is 32,756 and total production is 21,062 tonne. There is a need to promote high yielding variety of cashewnuts to increase the production in the district. 

    Budgetary allocation

    Stating that the Centre has reduced budgetary allocations to the State by 30 to 35 per cent for implementing the welfare programmes including mid-day meals, he asked as how much the Centre has given to the State for carrying out Swacch Bharath Abhiyan. The farmers have not been given anything by the Centre in its budget as it has considered agriculture as a state subject. The State should receive same budgetary allocation which it used to receive during the tenure of previous UPA government, he added. 

    Stating that the National Democratic Alliance government at the Centre has failed to initiate appropriate action to bring back the black money stashed in foreign banks, he said Prime Minister Narendra Modi has failed to fulfill the election promises. While campaigning for the Lok Sabha elections in 2014, Modi had said that, if voted to power, the NDA government would bring back the black money within 100 days of forming the Government. It was unfortunate that even after completing 10 months, the NDA government at the Centre had failed to put in serious efforts to bring back the black money. 

    By brining in an amendment to the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, the Centre has proved that it is following anti-farmer policy. The Youth Congress in Dakshina Kannada district will take out a padayatre to create awareness among the people on the amendment on April 18. 

    By opening zero balance account under Prime Minister’s Jan Dhan Yojana, the government has not done anything for the poor. In fact, the Jan Dhan Yojana was not a new scheme as it was implemented by the previous UPA government under financial inclusion. 

    India: For cashew exporters, foreign trade policy is a dampener

    Scaling down of incentives is their main grouse
    Cashew exporters view the new Foreign Trade Policy as a major blow to the industry. They feel the reduction of incentives available to cashew exports under Chapter 3 of the Foreign Trade Policy from 5 per cent to 2 per cent as the main reason for this.

    Walter D’Souza, former president of the Cashew Export Promotion Council of India, told BusinessLinethat scaling down of Chapter 3 benefits such as Vishesh Krishi Grameen Upaj Yojana (VKGUY) by 3 per cent under the new name of Merchandise Export from India Scheme (MEIS) will have far reaching repercussions on exports. 
    Advantage Vietnam
    Explaining this, K Prakash Rao of Kalbavi Cashews (an exporter from Mangaluru), said India has already lost the world’s largest cashew exporter tag to Vietnam.
    Vietnam gained advantage from cheap labour and a jump in its raw cashew production.
    Vietnam’s national average productivity of raw cashew nut is 2.1 tonnes a hectare against some 0.78 tonnes a hectare in India.
    However, India had stayed put in global market because of the VKGUY benefit of 5 per cent.
    “Markets are so competitive that every exporter in India factors this 5 per cent in his sale price and sells in the overseas market,” he said. D’Souza said that the scaling down of the VKGUY benefit had come into effect from April 1.
    It is imperative that the earlier incentives are restored or at least continued until June 30, he said.
    Export trades

    Stating that most of the export trades take place three to six month in advance, B Rahul Kamath, President of Karnataka Cashew Manufacturers’ Association, said: “We would have made export commitments factoring 5 per cent benefits under Chapter 3. Overnight reduction in incentives cannot be factored, and exporters stand to lose heavily on the export commitments made by them.”
    Prakash Rao said that by now most of the exporters have sold cashew kernels against this right up to October-November.
    This sudden cut of 3 per cent will take the wind out of the exporters and may even result in many failing to keep their commitments. He said that 3 per cent drop in realisation will wipe out their working capital margin money and may result in upsetting the working of the industry this year.
    Urging the Government to increase the benefits under MEIS for export of cashew kernels to 5 per cent, Kamath said this will go a long way in cherishing the ‘Make in India’ dream.


    India: Karnataka cashew industry unhappy over foreign trade policy

    The cashew industry has expressed displeasure over the Foreign Trade Policy 2015-20, which was announced by the Union Commerce Minister, Nirmala Sitharaman, in New Delhi on Wednesday.

    B Rahul Kamath, President of Karnataka Cashew Manufacturers’ Association (KCMA), said the Government has reduced incentives available to cashew exports under Chapter 3 of FTP from 5 per cent to 2 per cent. This overnight decrease in incentive scheme will affect the entire cashew industry very severely.
    Export trade commitments
    Stating that most of the export trade takes place three to six months in advance, he said: “We would have made export commitments factoring 5 per cent benefits under Chapter 3. Overnight reduction in incentives cannot be factored, and exporters stand to lose heavily on the export commitments made by them.”
    Stating that Vietnam has already cornered a major share in world cashew trade, he said China is also increasing its cashew processing base. The collapse of cashew industry will have a serious effect on the socio-economic condition of rural areas, he said.
    Urging the Government to increase the benefits under MEIS (merchandise export from India scheme) for the export of cashew kernels to 5 per cent from 2 per cent, Kamath said this will go a long way in cherishing the ‘Make in India’ dream. “We will soon regain India’s past glory by being the world’s largest cashew exporter,” he said.