Weekly Product Updates

W40: Banana Update

Fresh Banana
Market & Price Trends
Published Oct 13, 2023

In W40 in the banana landscape, the Colombian banana sector is capitalizing on the reduced global banana supply by increasing exports to South Korea and the European Union (EU) in the 2023/24 season. The Colombian Banana Growers' Association president reported expecting a 12% to 15% growth in banana exports in 2023. Despite challenges posed by climate change and recent heavy rains affecting banana growth, their primary markets remain the EU and the United Kingdom (UK), while China shows potential for future growth.

In Europe, sustainability, environmental, and social legislation requirements are impacting the sector, but Colombian banana growers are working to meet these standards to keep trade relationships fruitful. In addition, the banana sector is actively cooperating with the government to prevent illegal drug trade using exports. Improved global banana prices in 2023 are due to decreased supply, market stability in Europe amid the Russia-Ukraine conflict, and the sector's commitment to labor conditions and sustainability.

During W38, banana prices from Latin America were USD 114.64 per 100 kilograms (kg) in the Netherlands (EUR 108/100 kg) and USD 101.90/100 kg (EUR 96/100 kg) in Belgium. In Italy, the banana price was USD 130.56/100 kg (EUR 123/100 kg), and in France, the price stood at USD 124.19/100 kg (EUR 117/100 kg). The price of European-grown bananas in Spain stood at an average of USD 114.64/100 kg (EUR 108/100 kg), and in France the price stood at USD 130.56/100 kg (EUR 123/100 kg).

Furthermore, the average weekly banana prices for W39 in the UK stood at USD 1.17/kg (GBP 0.95/kg) for Colombian bananas, USD 1.22/kg (GBP 0.99/kg) for Costa Rican bananas, and USD 1.17/kg (GBP 0.95/kg) for Ecuadorian bananas, as reported on the wholesale markets in Birmingham and London.

According to the National Research and Innovation Agency (BRIN), Indonesia has over 300 distinct banana varieties cultivated across its islands. These banana types are planted throughout the country, with specific varieties like Goroho bananas in North Sulawesi and Agung bananas in Lumajang, East Java.

BRIN taps into these banana genetic resources to develop plants resistant to various threats, as demonstrated by using "kepok tanjung" bananas to create a gene resistant to blood disease. Indonesia's horticulture sector is vital in fulfilling the nation's food, nutrition, health, and economic needs. Amid the COVID-19 pandemic, it significantly contributed to economic growth. According to Statistics Indonesia (BPS) data, the agricultural sector saw a substantial 16.24% growth between the first and second quarters of 2020, supported by horticulture and other sub-sectors.

Lastly, the price of export bananas purchased from growers in Dong Nai, Vietnam, dropped to approximately USD 0.20/kg (VND 5,000/kg), USD 0.41/kg (VND 10,000/kg) from mid-2023. This decline is due to the revocation of growing area codes in certain banana cultivation regions, a requirement for official exports to China. These codes were suspended due to the detection of harmful organisms, particularly mealybugs, in export shipments. Farmers in the province are anxious about the upcoming 2023 harvest of export bananas as growing areas prepare for a high yield.

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