Cashew industry witnessed a 70 percent boost in international prices, says exporter

Mangalore, Jan 10 (ANI): Former Vice Chairman of Cashew Export Promotion Council of India G. Giridhar Prabhu has said the cashew industry witnessed a 70 percent increase in international prices from the previous year's rates.

He said India has also become one of the major cashew consumers, asserting that the importance of cashews is bound to grow in the next 10 years.

Prabhu, who is also an exporter from Mangalore, said that in the current scenario, there is a need for expanded cultivation as well as improving various aspects of the cashew production.

"International prices for raw cashews have reached an all-time high. Recently, on auctions in Tanzania the prices were prevailing between Rs 72,684.80 per tonne to Rs 81,766.08 per tonne. It is about 70 percent higher than the price of last year," he said.

Prabhu further said the global prices of cashews have increased by over 30 percent, from Rs 127.23 per pound to about Rs 168.12 per pound.

Cashew is mainly grown in Maharashtra, Andhra Pradesh, Orissa, Kerala, Karnataka and Tamil Nadu. The directorate is making efforts to grow the crop in places like Chhattisgarh, northeastern states and Andaman and Nicobar Islands as well.

"There is a need for better interaction between countries with regard to India's increasing demand for cashews from different countries," said Prabhu.

India has a major share of the world cashew market with Brazil and Vietnam emerging as fierce competitors.

A highly nutritious nut, cashew is used in almost every dietary group, including ice cream, chocolate, sweets and biscuits, besides the direct consumption of the kernel.

The cashew industry in India provides direct employment to over 35 million people and another 5,00,000 people are employed in the farms during the season. (ANI)