Kochi (PTI): The export of cashew kernel, declined by over 17 per cent to 8,696 tonnes in May due to lower demand from key importing countries like the US and the Europe amid the global economic slowdown.
Exports during May 2008 stood at 10,516 tonnes, according to Cashew Export Promotion Council (CEPC) data.
Cashew exports are affected mainly due to slackening of demand from the major importing nations, including the US and European countries on account of global economic crisis, as the dry fruit does not fall under essential commodity, CEPC Secretary K Sasi Varma told PTI.
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.
As some cashew specific retail stores are being taken over or closed, the importers are reducing their order size or renegotiating the prices, Varma said.
In terms of value, exports fell by about 10 per cent to Rs 234.68 crore from Rs 259.86 crore in the same month last year.
From April-May period exports dipped by 15 per cent to 17,035 tonnes compared with 20,008 tonnes in the same period last fiscal.
It was up by over six per cent in value terms at Rs 456.23 crore against Rs 487.32 crore a year ago.
Source : The Hindu