Global Cashew
Prices Soaring High
Date : 2004-07-30
Prices of cashew kernels have increased in the global
market following increased demand since April. Prices of superior
grade W-320 have increased to Rs 230-235 a kg from around Rs 190
a kg last year. However, exporters here fear that if the prices
continue to rise unabated, consumers might switch over to other
cheap nuts since it is not an essential commodity. Even though the
world supply has increased considerably in recent years and so has
the demand catching up.
World raw cashew nut production in 2003 was estimated at 11 lakh
tonnes. production of cashew kernels is around 11,800 cartons of
50 lb each. Of these, 8,950 cartons were exported, while 2,850 cartons
of kernels were absorbed by the domestic markets in the producing
countries. an estimated 4,500 cartons of kernels were exported in
2003.
The US market, particularly, has shown an upswing for dried fruits
and nuts due to the growing concern for healthier "on-the-go snacks",
industry sources pointed out. According to market sources, the prices
of cashew kernels could go up to the prevailing price of almonds
in the US. Almond price in the European Union market is Rs 210-235
a kg. it would be less in the US as it is major producer of almonds.
If the current trend continued throughout the year, exports in 2004-05
may go up by 15 per cent in terms of value and cross Rs 2,000 crore
from the previous year's figure of about Rs 1,900 crore.
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