<p></p><p>Many cashew units in the town which is one of the major processing centres in the country after Kerala, are facing a severe crisis due to the slump in prices in the domestic and international market, following financial recession.Many cashew units in the town which is one of the major processing centres in the country after Kerala, are facing a severe crisis due to the slump in prices in the domestic and international market, following financial recession.In addition, large imports of raw cashew nuts from African countries have also played a crucial role to lead them to down shutters. Palasa’s cashew kernel exports to other countries, particularly the US, have steadily been declining in the last few years due to the emergence of Vietnam and China as leading exporters.</p> <p> According to local traders, Palasa cashew kernel prices have dropped by around Rs.100 per kg over the last few months, due to over import of raw nuts from African countries like South Africa, Nigeria, Tanzania, Ivory Coast and Ghana. The district annually cultivates cashew over 24,000 hectares, part of 46,913 hectares in the state. The decline in price has also affected the livelihood of nearly 30,000 people who depend on the nearly 500 units in the town and its neighbouring areas from Odisha too.Speaking to this newspaper, the Palasa Cashew Manufacturers Association secretary, Mr M. Suresh, said they had never faced such a sudden decline in ca-shew prices. Lakhs of bags (each bag contains 80 kg) of raw nuts were imported th-is time from African countries. This led them to sell the kernel in the local markets for cheaper prices, he said. The financial crisis al-so led to a decline in cash-ew exports, he maintained. </p><p> </p><br><p></p>