Kottayam (PTI): The crisis in the industrial sector in Vietnam and Brazil, the main competitors of India in the cashewnut market has resulted in its price reaching a new high of dollar 3.60 per pound in the international market as against dollar 1.90 per pound about six months back, according to a top official of the Cashew Export Promotion Council.

This was the main reason why India, the biggest cashew producer in the world, was getting a record price, CEPC chairman P Bharatan Pillai told PTI here.

India exports cashewnut mainly to U.S.A, Europe, Japan and Australia. The demand for indian cashewnut increased as both Vietnam and Brazil failed to meet orders for cashewnut from other countries. This trend led to rise in the price, he said.

He said sellers involved in the futures market would have to supply the product at the price fixed earlier, while the sellers who stocked the commodity would get a better price.

Pillai said the impact of the price was less in the national market. The price in the national market for super quality cashewnut ranges from Rs 500 to Rs 550.

Unseasonal rains in March-April 2008 affected the crop and the default on Vietnam's part in delivering the community also hit supply, he said, adding that business was quiet for the past couple of weeks.