Current Market Situation of Cavendish Bananas in Middle East

The irregular arrivals, reduced shipment volumes, and long transit times towards Gulf Cooperation Council countries, as well as the high booking rates of Ecuadorian bananas, led to companies trying to hold the stock for their regular or contract buyers in the Middle East banana market. This is benefiting the Philippine banana to regain its position in the market after facing challenges for the past four to five years. Philippine bananas have regular arrivals, less transit time, and comparatively lower spot prices compared to Ecuadorian bananas.

Meanwhile, India's banana market remains largely reliant on the performance of other origins. While Indian banana shipments are becoming more regular, the internal market prices make it challenging for exporters to compete with Ecuador and the Philippines. As the holy month of Ramadan began on March 23, 2023, the demand for bananas is expected to remain strong for the whole month, leading to stable and positive prices. However, the market may experience a dip during the summer months when fruits from neighbouring countries become available in large volumes and at lower prices.