Upward Trend In Prices of Imported Bananas in Japan as of December 1, 2022

Banana prices in the Japanese wholesale market are maintaining a high level compared to 2021 due to the high prices of Philippine bananas, which account for 90% of Japanese banana imports. In 2022, the Philippine government demanded an increase in the unit price of bananas purchased in Japan. They recognize that they have been unfairly underbid, and the Japanese market seems to have generally accepted their request. As of December 1, 2022, the wholesale price was about USD 1.4/kg, which is about 1.4 times the level of the same date in 2021. According to the wholesale market PIC, there is still room for price increases, and there is an expectation that the price will be around USD 1.6/kg on February 2023.