India’s cashew exports should drop to an over two-decade low this monetary 12 months as investors maintain to go sluggish on shipments because of falling expenses in remote places markets.

Processor exporters – who depend on imported nuts for over 60% in their requirement – are saddled with raw nuts bought at excessive costs and are reluctant to export the prepared products as quotes in international marketplace have dropped.

Last year, India exported 84,352 tonnes of cashew valued at Rs five,871 crore. According to enterprise executives, the export quantity this year is anticipated to fall underneath 70,000 tonnes, a level visible almost 25 years ago.

For the five months ended August 2018, exports showed a 34% slide from a 12 months in the past to 25,765 tonnes. In cost phrases, the drop changed into 33% from the 12 months-ago period to Rs 1,788 crore.

Cashew kernel expenses dropped over $1 this yr to $three.50-three.60/pound, industry sources stated.

2018-19 is starting to be a hard one for Indian cashew change, with exporters having little desire however to sell kernels processed out of luxurious imported raw nuts at lower costs.