Tridge summary
Ecuadorian banana exports have increased by 6.99% in the first half of 2023 compared to the same period last year. The growth can be attributed to an increase in production during the winter when other major suppliers, such as Guatemala and Colombia, harvest fewer bananas. Additionally, reduced sea freight rates and a higher demand for organic bananas in the United States have contributed to the increase in exports.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Ecuadorian banana exports amounted to 220.17 million cartons from January to July this year. That is 6.99% more than in the same period of 2022. “The increase in exports is due to three factors,” says Richard Salazar, director of Acorbanec. “The first of these is the dynamics of production, as the main suppliers of bananas to the United States, such as Guatemala, Costa Rica and Colombia, harvest fewer bananas in winter, unlike Ecuador, which supplies more fruit at that time. In this first half of 2023, revenue has even grown by 9.5% compared to the same period last year." "Secondly, there is the reduction in sea freight rates compared to last year, when they had doubled or tripled for some destinations, causing high inflation in global markets such as the European Union, the United States and Russia. Yet freight rates to Russia are still continues to be high. The cost of importing bananas is now lower again, and that is why destinations such as the European Union, the United ...
Source: AGF
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