February 2024 Outlook Report: Fruits & Vegetables

•Apples: In 2023, China's fresh apple exports declined, with Vietnam, Indonesia, Thailand, the Philippines, and Bangladesh being primary destinations. However, 2024 saw an increase in exports to Russia, and collaborations with Chile and Turkey are being explored. Italy's fruit and vegetable consumption dropped due to weather, inflation, and increased prices, while India's apple production is expected to decrease, leading to increased prices and financial losses for farmers.

•Bananas: Logistical constraints influenced banana prices for the most influential exporters/importers, affecting banana traders globally. Banana exports in Ecuador faced challenges due to Russia's "banana sanctions," though overall exports increased by 5% YoY in 2023. Italy relied heavily on imports, with import values rising by 12.82% YoY. China, the world's second-largest banana importer, experienced a 2% YoY decrease in 2022, but imports from Ecuador surged by over 20% YoY.

•Tomatoes: Due to increased supply, India's wholesale tomato prices have declined, impacting farmers' profit margins. On the other hand, festivals and higher-cost production methods drive China's tomato price spikes. Poland's greenhouse vegetable production and diverse supply from Spain and Morocco have impacted prices. Despite slight fluctuations, a price decline is anticipated in February.

•Durian: Thailand's primary durian export market is China, which is in high demand due to its premium quality. However, Vietnam's market access in 2021 has led to a decline in Thailand's market share. Despite supply challenges, Thailand's durian prices are expected to grow, driven by demand from China and consistent supply from Thailand and Vietnam