Weekly Product Updates

W41: Banana Update

Fresh Banana
Published Oct 20, 2023

In W41 in the banana landscape, Ecuadorian banana exports have steadily increased, reaching 250.13 million boxes during Aug-23, a 6.70% rise compared to the same period in 2022. The European Union (EU) emerged as the dominant market, accounting for 29.94% of global banana exports, with a notable increase of 19.78%. Russia followed as the second-largest destination, receiving 21.27% of the total banana shipments, representing a growth of 1.99%.

However, some regions witnessed a drop in banana imports from Ecuador. Eastern Europe saw a 38.79% reduction, the European Free Trade Association (EFTA) reduced imports by 15.70%, and the Middle East reported a drop in imports with 35.92 million in 2023, compared to 37.19 million boxes exported in 2022. At the regional level, the Southern Cone experienced a 5.44% increase in banana imports, with Argentina and Chile being the primary destinations.

In terms of banana types, 22XU boxes accounted for the majority of exports (84.96%), followed by type 208 boxes (10.86%) and organic bananas (3.79%). However, the report highlighted that red and baby banana boxes experienced export reductions. The banana industry faced several challenges, including drought in the Panama Canal, which led to delays in shipping to Europe. The sector also faced difficulties with Sigatoka disease, affecting production and quality.

The Ministry of Agrarian Development and Irrigation of Peru (Midagri) has reported that the phytosanitary measures taken by the National Agrarian Health Service (Senasa) have successfully contained Fusarium Tropical race 4 (TR4) in the provinces of Sullana and Paita in the Piura region, where bananas and plantains are produced. These measures include quarantine checkpoints, vehicle inspections, disinfection, and field monitoring to prevent fungus spread. Plantain and banana producers are advised to use safe vegetative material, implement biosecurity measures, and undergo periodic training to prevent FocR4T from entering their fields.

The National Service of Plant and Seed Quality and Health of Paraguay (Senave) is working on creating six new markets for Paraguayan bananas. This move is seen as a positive development for the banana sector, especially amid challenges with one of its main clients, Argentina, due to import restrictions. Senave is collaborating with other countries to meet phytosanitary requirements for banana exports, and while the responses have been promising, additional factors, such as documentation, must be addressed. In 2022, Paraguay produced 60 thousand tons of bananas, with a focus on exports to Argentina and Uruguay.

In the United Kingdom (UK), the average banana prices in the wholesale markets in Birmingham and London stood at USD 1.21 per kilogram (GBP 0.99/kg) for bananas from Panama, marking a 10% week-on-week (WoW) increase. Bananas from Colombia maintained their price at USD 1.16/kg (GBP 0.95/kg). Costa Rican bananas were sold at USD 1.21/kg (GBP 0.99/kg), while Ecuadorian bananas stood at USD 1.17/kg (GBP 0.96/kg).

Furthermore, the average wholesale prices of bananas in the EU stood at USD 116.35 per 100 kg (EUR 110/100 kg) in Spain and USD 131.16/100 kg (EUR 124/100 kg) in France. Bananas from Latin America were priced at USD 108.95/100 kg (EUR 103/100 kg) in Spain, USD 101.54/100 kg (EUR 96/100 kg) in Belgium, and USD 121.64/100 kg (EUR 115/100 kg) in France.

Lastly, wholesale banana prices in Uzbekistan have experienced a recent two-week increase, marking a 14% rise in the average wholesale price for bananas from September 22 to October 6, 2023. Prices increased from USD 1.15 to USD 1.31/kg (UZS 14,000 to 16,000/kg). However, current wholesale banana prices in Uzbekistan remain lower than in previous years. As of W40, the average wholesale price is lower compared to the same period in 2020-2022.

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