India: Cashew export dips 22% in March

MarchThe cashew kernel exports in March declined by 22 per cent to 8,783 tonnes due to slackening demand from the US amid the global slowdown. Exports during March 2008 stood at 11,201 tonnes, according to Cashew Export Promotion Council (CEPC) data.Cashew exports are affected mainly on account of global economic crisis, as it does not fall under essential commodity, CEPC Secretary, Mr K Sasi Varma said.The demand has come down considerably from the US, which is battling recession since December 2007, he added.India exports about 45 per cent of the nut to the US. In terms of value also exports dipped by about 10 per cent to Rs 230.46 crore from Rs 255.72 crore in the same month last year.In terms of volume, exports for 2008-09 dipped by 5.43 per cent to 1.08 lakh tonnes compared with 1.14 lakh tonnes in the previous fiscal. In value terms it was up by 29 per cent at Rs 2,950.24 crore against Rs 2,288.90 crore a year ago.To promote the interests of cashew producers and boost consumption of the nut across the world, CEPC is sending a five-member delegation to the US to discuss the modalities for setting up a Global Cashew Alliance, Mr Varma said.The delegation will also attend the Annual Convention of Association of Food Industries (AFI) at Naples, Florida, from April 30 to May 2.