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  • Indian market paradox: increased imports of raw cashew, cashew exports decrease

    Feb 19th, 2016

    Fiscal year 2015-2016 witnessed a decline in cashew exports, while imports of crude India continued to increase despite the high price of crude.

    Since January to March 1/2016 4/2015, India exported 84,424 tons of cashew kinds with exports of $ 603.18 million (down from 100 208 tons and the amount of 714.5 million USD in the same period in out). Individual export prices averaged $ 7.14 / kg (up slightly from $ 6.58 / kg in the same period last year).

    According to Export Promotion Association Article India (CEPCI), the cost of processing it in the 2015-2016 fiscal year due to very high costs of imported raw materials cost increases with salaries and wages increase has an impact to mention it's the export situation of India.

    Despite the increased processing costs, but the amount of crude imports continued to increase during the month 1/2016 to 41 693 tons of crude cleared customs of Indian ports. Crude prices average monthly imports 1/2016 is $ 1.64 / kg (up from 27 249 tons and $ 1.3 / kg in the same period last year).

    According to the Indian Ministry of Finance, the bill of goods and services tax (GST) may be adopted in the near future, while the import tax rates of most of the items can be increased - it this will impact the market significantly to India's crude.

    Source: Economic Times India