Ecuadorian Banana Prices Decrease in W31
Prices for Ecuadorian bananas in the spot market in W31 started high with a fruit price reference of USD 7 per 18.14kg box but dropped to USD 6.25 on Tuesday, August 2nd, 2022. The temperature in Ecuador increased over the past few weeks, influencing the surge in production. The FOT prices of Ecuadorian bananas in the United States also decreased from USD 22 in W29 to USD 17 in W31.
Ecuadorian producers and exporters forecast a banana price increase in September because the European Union, the United States, and Russia will start to place their winter orders. Prices are expected to reach USD 10 per 18.14kg banana box.
Ecuadorian Banana Prices Drop in W32
Ecuadorian banana prices dropped on W32 to USD 5 per 18.14kg box, from USD 6.5/box in W31. The price drop is attributed to the global situation of the banana industry as demand has decreased. Predictions indicate global demand for bananas will increase from late August to early September, and the banana prices could rise to USD 9 per 18.14kg box.
Ecuadorian Banana Spot Prices for W33 on the Rise
Spot prices for the banana business showed a rising trend as we approach the high-demand season for winter 2022. Fruit prices ended last week at USD 5 per 18.14 kg box and started on Monday at USD 6 per 18.14 kg box, reaching $6.5-$7 by the end of Wednesday. This response to high demand from Argelia and rising prices in India for the Middle East makes buyers look more into the Ecuadorian bananas, and Europe starting to stock up for winter.
It is expected that prices will keep rising as production with export quality has been affected by cold weather conditions, local strikes, and the Ukraine-Russia war. Even though the trend will be on the rise, it is expected that the international market will reach a limit pricing they will be able to pay since, traditionally, bananas are known as the cheapest tropical fruit.
Ecuador Fresh Banana Prices Starting to Increase in W34
Fresh bananas in Ecuador started W34 with prices reaching USD 6-6.7 per 18.14 kg box and FOB prices reaching USD 9.65-10.15. Banana prices in Ecuador are beginning to rise as demand increases due to winter in the United States and Europe and the Chinese new year approaching. Forecasts indicate that later this year, FOB prices might reach USD 10-11.25 per 18.14kg box.
Ecuadorian Banana Exports Increase by 73% YoY to Qatar
Export data shows that so far in 2022, Ecuadorian banana exports to Qatar increased 73% YoY, exporting 221.5K more 18.14kg boxes than in 2021. One of the reasons for the increased demand is the decreased Philippine banana supply, as the country has been facing Fusarium R4. Also, the Ecuadorian embassy has been introducing more Ecuadorian products to Qatar ahead of the FIFA World Cup. Other markets that have shown export growth are Oman (+213% YoY), Turkey (+15.52% YoY), and Jordan (+96.27% YoY).
