W9 Banana Update: Ecuadorian Banana Exports Declined by 6.87% in Jan-24, Costa Rican Banana Prices Dropped by 3% WoW, India's Banana Export to Russia in Feb-24 Marks Growing Trade, Australia Approves World's First Transgenic Banana for Commercialization

Published 2024년 3월 6일

In W9 in the banana landscape, Ecuadorian banana exports dropped by 6.87% YoY due to low production in Jan-24. The primary market for banana exports was the EU, covering 29.81% of global exports. The UK and US also saw a drop in Ecuadorian banana imports, while Africa saw an increase in exports. Moreover, the Ecuadorian Banana and Plata Cluster representatives met with the Russian Ambassador to strengthen commercial and economic ties. Meanwhile, Costa Rican banana prices fell by 3% WoW, while India exported a second shipment of 20 tons to Russia. Lastly, Australia approved the commercialization of the world's first transgenic banana, QCAV-4, in 2024 as a historic milestone against the Panama Disease TR4 caused by Fusarium fungus.

Ecuadorian Banana Exports Dropped by 6.87% in Jan-24 Due to Pest Protection and Low Production

In Jan-24, Ecuadorian banana exports decreased by 6.87% year-over-year (YoY) to 33.54 million boxes, a decrease of 2.47 million boxes from Jan-23. The decline is due to lower production in Jan-24. The primary market for banana exports was the European Union (EU), covering 29.81% of global exports. Russia was the second destination, with a shipment of 6.40 million boxes. By 2023, accumulated exports to Russia will reach 8.55 million boxes, a 25.13% YoY decrease. The United Kingdom (UK) and the United States (US) also saw a drop in banana imports, while Africa saw an increase in exports. The executive director of the Banana Marketing and Export Association (ACORBANEC) attributed the decline to reduced fruit imports from Central America.

Ecuadorian Ambassador and Banana Cluster Meet to Boost Trade Relations with Russia

Ecuadorian Banana and Plata Cluster representatives met with the Russian Ambassador to strengthen commercial and economic ties. They emphasized the importance of Ecuadorian bananas as a distinctive product, which has been part of Russian consumers' diet for over a decade. The Russian diplomat learned about fruit's versatility in satisfying global culinary demands. The executive director of the Association of Banana Exporters of Ecuador (AEBE) praised Russia's role as one of Ecuador's largest markets. A Russian chef who contributed to creating the first "Banana Culinary Guide" was introduced and gave a culinary demonstration. The ambassador thanked the Cluster for publishing the guide and considering Russian culinary preferences.

Costa Rican Banana Prices Fall to USD 1.23/kg in W9

The wholesale prices of bananas from Costa Rica decreased by 3% week-on-week (WoW), with the average price at USD 1.23 per kilogram (EUR 0.97/kg) in W9. Meanwhile, Guatemalan bananas stood at USD 1.22/kg (EUR 0.96/kg). These prices are updated weekly on national averages at wholesale markets in Birmingham and London.

India Increases Banana Exports to Russia with Second Shipment in Feb-24

India has exported a second shipment of 20 tons of bananas to Russia, as the Rosselkhoznadzor press service reported. This follows an initial shipment on Jan-24, with expectations of further increasing export volumes. The Food and Agriculture Organization (FAO) of the United Nations reported that India is the world's largest banana producer, followed by China in second place and Indonesia in third. Additionally, Russia aims to increase its banana supplies from China, the Republic of Korea, Egypt, and Thailand.

Australia Approves Commercialization of World's First Transgenic Banana in 2024

The Australian government has granted a license to the Queensland University of Technology (QUT) to commercialize QCAV-4, a genetically modified Cavendish banana. This development is a historic milestone against the Panama Disease TR4 caused by Fusarium fungus, which threatens the global banana industry. The regulatory agency Food Standards Australia New Zealand confirmed the suitability of bananas for human consumption. The approval is seen as a scientific triumph and a milestone for food security and agricultural sustainability.