Article: Indian cashew exported volume fall steepened
Indian cashew exports fell by 11% in value to USD88.2 million but increased by 9.8% to 11,027 tonnes from January -February 2020 compared with the same period the last year, according to the Indian government.
Exports have relied on low prices, whose fall steepened.
There is expected to be a record fall in H1 2020 due to the lockdown.
The UAE and the Netherlands were the main importers, accounting for 22.5% and 22.0%, respectively, of the total volume.
Meanwhile, Indian imports of raw cashew nuts trebled y-o-y to 95,500 tonnes. Processors decided to take advantage of the low Tanzanian price, whose product has better quality than the western African origins.
As a result, Tanzania accounted for three thirds of the total supplied volume, against zero records between January and February 2019 when its government decided to acquire all the domestic crop due to weak prices in Q4 2018.
Currently, most of Tanzania's output is commercialised by the Vietnamese trader T&T.
This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.