Peruvian bananas added their fourth year of bad streak in 2023

Fresh Banana
Market & Price Trends
Published Feb 20, 2024

Tridge summary

The global banana market, particularly in Peru, faced significant challenges in 2023 due to decreased production, logistical issues, and reduced demand, especially from Europe. Factors such as low prices and the El Niño phenomenon led to decreased profitability and crop damage in Peru, causing a 16% drop in banana exports in volume and an 8% drop in value. Despite a slight increase in average prices, the quality of bananas suffered, prompting many exporters to shift focus to the domestic market. The future of Peru's banana industry remains uncertain amidst increasing competition from countries like Ecuador.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

( The global banana market did not have a good year in 2023. The supply of the product faced limitations due to lower production in different parts of the world, accompanied by strong logistical problems that reduced the flow of distribution. Furthermore, a rather apathetic demand was observed, particularly in Europe. Despite the lack of supply, the lack of interest allowed this limited availability to be handled without major setbacks. In Peru, the low prices obtained in recent years (since before the pandemic the product has faced low dynamism) reduced the profitability of producers, bringing many to a point of subsistence at the end of 2022. Therefore, the following year He expected that investment in the crop would stop, especially in the Piura region, which is the main producer of bananas in Peru. And this happened. With lower product availability, the price began to improve from the beginning of 2023. However, this improvement was not enough to compensate for a ...
Source: Agraria
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