Zooming price of imported raw nuts and dip in export prices have made export unviable for India.
KOCHI: Vietnam may spoil India’s plans to raise its cashew exports as it has cornered a large share of raw nuts from West Africa for processing.
India's cashew export has been falling in the last two years. From 1.2 lakh tonnes in 2014-15, it plummeted to 82,302 tonnes last year.
Zooming price of imported raw nuts and dip in export prices have made export unviable for India. India imports over 60% of its raw nut requirement for processing. "Vietnam has been buying raw nuts from West Africa at a higher price to meet its export requirement. As a result the raw nut price has escalated to $2450 per tonne," said P Sundaran, chairman of Cashew Export Promotion Council of India. India’s export had looked good in the first two months of the fiscal.