India currently exports cashew kernels to over sixty countries, and the major takers are the US, Netherlands, Japan, Spain, France, Germany, and the UK. Indian cashews are also bought by the Middle East countries like Saudi Arabia and UAE.
For the financial year 22 till August 2021, India exported cashew kernels worth %185.31 million, and in August 2021 alone, the export amount was $35,38 million.
The change of the Cashew consumption pattern in the European market will prove to be beneficial for India. A recent news report from Vietnam reported that the Import-Export Department (Ministry of Industry and Trade), Minister of the country, stated Vietnam is the primary supplier of cashew.
The report stated that the freight issue and the lockdown have resulted in a decrease in the import of cashew by Germany in 2021. The country imported 45,200 tons of the nuts, which was down by 9.5 % compared to last year. Also, the value of the import was down by 14.1% compared, which was $324.43 million compared to 2020.
Germany’s average import of cashew was down by 5.1 percent in the last nine months, which was worth $7,1777 per ton. The import price was also noted to be down for the cashews bought from Vietnam, India, and the Netherlands. However, the price was more for the kernels imported from Ivory Coast and Indonesia.
However, there was a silver lining between Indian cashew traders and exporters. Despite the overall lowering of the import from Vietnam and India, Germany still imported more cashew from India than Vietnam.
As per the Import-Export Department of Germany, the country is the largest importer of cashew in the EU. Also, there is a significant rise in the consumption of kernels. Many food processing industries are buying the product as the demand for salted-roasted cashew as a snack is rising.
With the increasing intake of cashew among the people of Germany, it is likely they will be increasing their imports in 2022, and India can easily increase their export venture with the country despite Vietnam still leading the way.
The following reports may be of interest to you: