<p></p><p>During April – December 2015-16, India’s total cashew exports shrunk by 18.27% to about $196.100 million from $239.930 million during the corresponding period of 2014-15.</p> <p>In February 2016, outbound shipments of cashew contracted by 23.35% to $53.60 million from $69.93 million a year ago. <br></p> <p>India’s total cashew imports, too, fell by 34.17% to $294.940 million in April-December 2015-16 from about $448.030 million during the same period of last fiscal. The cashew analysts attribute this huge decline to a less domestic production, which has been dragged down by a 9.36% import duty imposed on raw cashew nuts. <br></p> <p>“The imposition of a 9.36% import duty has given a major blow to the country’s cashew industry leading to several small and medium-scale units closed down,” an industry analyst told the Dollar Business.</p> <p>Cashew processing units in India import over 60% of their total material from overseas, mostly from African countries. But the industry, after Finance Minister Arun Jaitely announced a duty on cashew imports in his Union Budget speech 2016, feels that their bad loans might soon change into non-performing assets. <br></p> <p>“The industry has submitted a representation to the Finance Minister Arun Jaitely, requesting him to take back the imposed duty on cashew imports,” the analyst said. <br></p> <p>Furthermore, the industry has been pressing the farmers to grow more cashew groves to reduce dependency on its imports.<br></p><p></p>