Ecuadorian banana exports fell – 1.46% in the first five months of 2024

Published 2024년 6월 28일

Tridge summary

Ecuador's banana exports have decreased by 1.46% in the first five months of this year due to a price increase that led to reduced purchases by key markets such as the European Union and Russia. The price hike, from $6.50 to $6.85 per 43-pound box, has caused Europe to shift its purchases to Colombia and Central America, while Russia has ceased buying the difference. Despite these setbacks, the United States market has shown a 30.31% increase. Other issues contributing to the rise in costs and the reduction in exports include problems at the Panama Canal, attacks on cargo ships by Houthi groups in Yemen, and the detection of the humpback fly in Ecuador's banana supplies, leading to the suspension of banana certification for five Ecuadorian exporting companies to Russia. However, this restriction was later lifted after technical discussions and responses from Ecuador.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

(Agraria.pe) Ecuador's banana sector exports less as a result of the increase in the price of the fruit. According to data from the Statistics Coordination Office of the Banana Marketing and Export Association of Ecuador (Acorbanec), in the first five months of this year, exports of the fruit from that country reflected a reduction of -1.46%. The increase in the minimum support price from $6.50 per 43-pound 22XU box to $6.85 caused important markets to reduce banana purchases in Ecuador. Acorbanec, in a report, details that this was reflected since January 2024 when the European Union reduced purchases by -16.43% compared to 2023, since they chose to acquire the difference in fruit in Colombia and Central America. However, during March, April and May 2024 due to production problems in Central America and Colombia, transnational companies were forced to buy more bananas in Ecuador to serve their markets, which is why, in the accumulated period from January to May 2024, 2024, the ...

Source: Agraria