Strong rupee hurts cashew sales to USThis article was originally published in Foodnews
FOR the Indian cashew nut industry, 2007 proved to be a very difficult year. Exports plummeted, and have declined substantially during the first nine months of the current fiscal year, writes Kathleen Retourné. One reason for this fall, according to the Cashew Export Promotion Council of India (CEPC), is the strengthening of the rupee against the dollar, which has made Indian exports less attractive. During AprilDecember 2007, the total shipments of cashew kernels stood at 86 310 tonnes, valued at INR16.7 billion (US$42.4 million) against the previous period which was 89 585 tonnes, worth INR18.7 billion.