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Banana market unusually active in China

Recent statistics released by the China Customs Administration show that in May 2019, China's total banana imports reached 227,200 tons, an increase of 31.8%. Currently, fresh fruit prices are in general soaring, while banana prices seem to be quite affordable, but still higher than in the same period last year.

Historically, the period after the Ching Ming Festival between May and July is an off-season for banana consumption. Seasonal fruit such as watermelons, grapes, peaches, and lychees become available during this period and distract many customers away from bananas. Banana sales in this period are usually only 20-30% of the peak period. However, banana prices this year have not gone down since May, but remain stable, which is unusual. According to industry insiders, this is mainly due to the fact that domestic banana production is reduced, leaving a supply gap in the market. In addition, the price of various fruit has soared this year, leading consumers to return to bananas whose price hasn’t gone up as much.

However, some experts pointed out that although the banana market is in the off-season for consumption, due to limited supply from the production areas - Hainan has entered its mid-to-late season, Guangxi bananas only just came onto the market, and the supplies from Guangdong and Laos are not large - banana prices at origin may continue to remain high in the future.

Source: Agricultural Finance Net Banana Expert

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