Slight dip in banana volumes

Published on Apr 23rd, 2020
Slight dip in banana volumes

The global banana production has declined slightly due to lower temperatures in the Tropics. This has driven a general increase in prices (spot prices reached €9.45 per box in week 7). However, Europe has seen very little change in prices as yet. European banana producers in the outermost regions are concerned about a possible oversupply if import tariffs are also reduced for Brazilian and Mexican bananas, following a similar move with Peru, Colombia and Ecuador. The European Commission, therefore, has agreed not to lower tariffs below €75 per ton. 21% of Ecuador’s bananas go to Russia, where they have a 96% market share. Exports to Georgia and Ukraine have also risen sharply lately.

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