The China Economic Information Service and the People's Government of Chengmai County in Hainan Province announced the "Xinhua-banana wholesale price data" in Beijing on September 19th. They aimed to provide an accurate and detailed picture of price changes in banana wholesale, and an objective, precise basis for policy decisions.
Press conference for the Xinhua-banana wholesale price announcement
The "Xinhua-banana wholesale price announcement" includes wholesale price data from seven major regions: north, east, central, northwest, northeast, south, and southwest China. The wholesale price data of top-quality domestic bananas is taken as the basis. The samples were taken from 13 major banana retail distribution centers.
The production volume is relatively low, and many other seasonal fruits also had decreased production volumes as a result of natural disasters. The wholesale price of bananas therefore departed from previous years and increased by 50% in the third quarter of 2018. However, the risks are high for banana planters and retailers this season. The profit could be high, but so is the risk. Many retailers estimate that the production volume will increase next year, and when that time comes, the market price is likely to decrease.