Weekly Product Updates

W7 Banana Update: Morocco's Banana Imports Surge 33% in 2023, Russia Lifts Ban on Ecuadorian Banana Exports on February 16, 2024, and Severe Weather Disrupts São Paulo Banana Market in 2024

Fresh Banana
Spain
Published Feb 22, 2024
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In W7 in the banana landscape, Morocco saw a 33% YoY increase in banana imports in 2023, surpassing figures from 2019 and 2020. The decline was mainly due to a 40% YoY drop in Ecuador’s banana exports. However, increased imports from European countries like Spain and Portugal offset the decline. Due to fruit fly concerns, Ecuador's banana industry faces challenges as Russia suspends imports. On February 16, 2024, Russia lifted a ban on Ecuadorian banana exports, opening new trade opportunities. Meanwhile, severe weather damage in São Paulo, Brazil, caused significant damage to banana plantations, disrupting market supply. Despite the damage, top-quality Nanica bananas were sold for an average of USD 0.79/kg, a 13% WoW increase.

Morocco Rebounds in 2023 with a 33% YoY Increase in Banana Imports

Morocco rebounded in 2023, increasing its banana imports by 33% year-on-year (YoY) after a slump due to natural disasters, weather conditions, and geopolitical tensions. The country produces up to 350 thousand tons of bananas annually and imports between 22 thousand and 28 thousand tons from Latin American countries and Atlantic Ocean islands. From Jan-23 to Oct-23, Morocco imported 23 thousand tons of bananas, surpassing figures from 2019 and 2020. The decline was primarily due to a 40% YoY drop in Ecuador’s banana exports, partially offset by increased imports from European countries such as Spain, which produced 5.2 thousand tons, and Portugal, which had 1.6 thousand tons.

Ecuador's Banana Industry Hit as Russia Suspends Imports Over Fruit Fly Concerns

Ecuador's banana production faces challenges as Russia suspends imports due to a fly in the fruit. The Russian veterinary and phytosanitary surveillance service suspended the export authorizations of five Ecuadorian banana exporters. Russia is the second destination for Ecuadorian bananas, accounting for 21% of total sales abroad, behind the European Union (EU). Nine out of ten bananas imported by Russia come from Ecuador.

Russia Lifts Ban on Ecuadorian Banana Exports on February 16, 2024

Russia has lifted a ban on banana exports imposed on five Ecuadorian companies by the Federal Veterinary and Phytosanitary Control Service, opening new trade opportunities between the two countries. Ecuador's ambassador to Russia emphasized the importance of dialogue and emphasized the need for technical areas to overcome trade limitations. The Foreign Ministry of Ecuador reported the decision on February 16, 2024.

Severe Weather Damages Banana Plantations in São Paulo in 2024

Rain and strong winds battered municipalities in Vale do Ribeira, São Paulo, Brazil, between February 13 and 14, causing significant damage to banana plantations. Particularly hard hit was the Sete Barras region, where falling banana trees damaged bunches, disrupting marketing.

Despite this, top-quality Nanica bananas were sold for an average of USD 0.79 per kilogram (BRL 3.90/kg, a 13% week-on-week (WoW) increase. Due to the wind damage, the supply of São Paulo bananas is expected to remain low in the coming weeks. Approximately 2 thousand hectares (ha) in the Sete Barras region were affected, impacting at least 500 ha of banana plantations.

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