Prices of Ecuador’s bananas have fallen as poor market conditions have led to lower exports (13% below average). The situation in Russia is particularly bad, with extremely low prices. The Spanish market price is more positive due to the supply deficit in the Canary Islands. In Weeks 1-21 of 2018, the average market price on Ecuador’s domestic market was up 1% compared to the same period of the previous year.
Meanwhile, Australian banana producers are looking at the possibility of exporting to the Philippines with import protocols in the pipeline. However, industry experts are doubtful about the current state of the Australian domestic banana market, with low demand causing an oversupply and a lowering of profits. Production costs are considered to be rather high in Australia, thereby impeding the country’s producers’ efforts to compete on the international scene.