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China: Banana market stabilizes
According to an article in a newspaper which reports on rural villages in China, October is the month in which bananas arrive on the market in high concentrations. In the wake of the market entry of the many bananas from producers in Guangxi province, prices will always be a little lower at this time of the year. After just hitting the market, the price for bananas will drop somewhat suddenly, so a lot of banana farmers may have loss-making sales. The good news is, in the later stages of the market, things slowly stabilize again so banana farmers hope to make up for the losses.
We have recently entered an off-season for fruit sales, so currently the price for bananas is still obviously depressed. After the National Holiday in China, the price difference in comparison to before is huge, and the impact of it is also larger. The time window in which bananas from Guangxi have hit the market this year is rather small, so the market has difficulties digesting it. This also caused the price increase for bananas in October.
Although the selling price is low, two weeks ago the price began to slowly rise again in the production region of Guangxi. Currently the average price per kilogram is 1.4 RMB, which is 4 times higher than during the earlier price depression. There are two reasons for the price increase in this place of production. Firstly, bananas from Guangxi entered the later stages of the market, so there were not many good products left. Secondly, Yunnan province and other producing regions were impacted by the banana price in Guangxi, so prices there also have gone up. After bananas from Guangxi had already entered the market, the surplus goods stood at approximately 30%, of which 20% was located in regions with little supply. There are not a lot of good bananas, farmers that produce bananas with good leaves all want a price that is relatively hard-line, which spurred a price increase.
Publication date: 11/1/2017
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