W30: Banana Update

In W30 in the banana landscape, the global banana market estimates a value of USD 139.72 billion in 2023, with a projected compound annual growth rate (CAGR) of 0.80% during the 2023 to 2028 period. In addition, the organic bananas market is expected to reach USD 2.43 billion by 2028, at a CAGR of 11.04% from 2023 to 2028.

In the first half of 2023, the Ecuadorian banana industry experienced a growth of 5.42% in sales, totaling 190.06 million boxes, compared to the previous year. The European Union (EU) emerged as the primary buyer of bananas, with a 22% increase in supply, followed by Russia (8%) and the United States (9%). However, sales growth could have been higher if not for the decline in demand from Middle Eastern countries, notably Turkey, where a 25% decrease in purchases was observed. The competition from India as a major banana supplier to the Middle East has contributed to this drop in demand. The banana industry is recovering after a setback in 2022, and efforts are being made to address challenges in different markets while sustaining growth. Peruvian banana shipments experienced a significant decline in W30, totaling 2.94 thousand tons, representing a 39% drop compared to the same week in 2022. Despite this setback, the overall campaign remains positive, with accumulated shipments reaching nearly 119.95 thousand tons, reflecting a 1% increase from the previous year.

The Ministry of Agriculture and the International Regional Organization for Health in Agriculture (OIRSA) signed a landmark agreement to boost the banana industry in Belize. The Memorandum of Understanding (MOU) focuses on tissue culture technology, satellite surveillance, and laboratory equipment to help the sector combat Fusarium TR4 Disease, a fungal infection threatening plantations. The project aims to develop resistant banana varieties through tissue culture technology and expand satellite surveillance with the Banana Growers Association (BGA) to monitor farms' health and productivity. Additionally, state-of-the-art laboratory equipment will be donated to Belize Agricultural Health Authority (BAHA) for early disease diagnosis. Lastly, moderate typhoon Dusuri, influenced by high pressure in the Pacific Ocean, is forecasted to move northward in the north-northwest direction. The typhoon is forecasted to pass through the Bashi Channel and not make landfall on the main island of Taiwan. Fruit tree crops, particularly bananas, guavas, and papayas in the Gaoping area, are currently in the production season and are likely to be most affected by the typhoon. The Agriculture and Food Administration of the Council of Agriculture is preparing for typhoon prevention and stands ready to offer cash relief to farmers affected by natural disasters.