Weak currency & low supplies, bring high banana prices in Ukraine
Bananas have become 16% more expensive in Ukraine over the last week and are currently twice as expensive as they were at the same time last year. The consensus amongst experts is that the price increase is a direct result of the decrease in the gross banana production by 18-20% in major producing countries, caused by cold and cloudy weather.
Current banana prices at the Shuvar market were recorded at 36-40 UAH / kg (1,06-1,18 EUR / kg), as of 15 Jan., 2018. Prices at the "Stolychnyi" wholesale market in Kiev were slightly lower on the same date, selling between 34-38 UAN/kg (1,00-1,12 EUR / kg).
"In addition to the growing global trend, increasing banana prices in Ukraine are accelerated by the devaluation of the national currency. Bananas are the only fruit, where prices continued to rise after the holidays. For example, citrus prices have noticeably shifted down in the last 2 weeks, despite the currency issues. It is also interesting that the prices for Ukrainian apples, the main competitor of bananas in the fruit basket, have not yet reacted to the growth of banana prices, even on the back of lower production in Eastern and Western Europe," shared Tetiana Hetman, Fruit and vegetable market expert for Eastern Europe.
According to reports published by Info-Shuvar, Ukraine annually imports 200-230 thousand tons of bananas, and almost 90% of the total volume is purchased from Ecuador. Peak demand is at the beginning of spring and banana prices typically reach their peak in March and April.
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Publication date: 1/18/2018
Author: Heather Wicks
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