Cashew prices hit Rs 900 per kg in Srikakulam

Cashew prices hit Rs 900 per kg in Srikakulam

Srikakulam: Cashew prices have hit a new high, with grade-one cashew now selling at ₹900 per kilo, marking an increase of ₹30-₹40 across all grades within just two weeks. Manufacturing units are busy with fresh orders. The recent removal of taxes on cashew exports and imports by the Government of India has contributed to the surge, with imported nuts from Tanzania, Mozambique, Ghana, and Ivory Coast witnessing sharp hikes.

Local cashew nuts are currently unavailable in the market, forcing the industry to rely on foreign imports. Even small pieces are priced at ₹600 per kilo; 240-count cashew at ₹800, 180-count at ₹850, and 320-count at ₹750.

Traders attribute the rise to upcoming auspicious occasions, including marriages, Ramzan, and Holi, when demand for cashew spikes. Palasa Cashew Manufacturers Producers Association President Malla Srinivasa Rao said the hike would continue until the local crop arrives.

At present, manufacturers are importing mainly from Tanzania and Mozambique, with about 70% of Palasa's annual business dependent on foreign nuts. Tanzania cashews are priced at ₹13,000-₹14,000 for an 80-kg bag, while local cashews, priced at ₹16,000 per bag, remain unavailable. Traders added that imports also come from Ghana, Benin, and Ivory Coast to meet demand.

Link:https://timesofindia.indiatimes.com/city/vijayawada/cashew-prices-hit-rs...