The 30% decrease in the world supply of bananas due to the adverse weather conditions recorded in some of the production areas has led to an increase in fruit prices to levels that are higher than those established by the Ecuadorian Government. A box of bananas in the spot market (out of contract) stands at 7 to 8 dollars.
Ecuador is the world's leading exporter of bananas, with increasing volumes. During the first seven months of the year, the country exported 213.07 million boxes, i.e. 2.31% more than in the same period of 2018. According to data provided by the Banana Marketing and Export Association (Acorbanec), in the same period of last year, fruit sales increased by 5.54% and, a year earlier, by 3.60%.
The smaller growth in 2019 is due to the reduction in the purchases of important markets, such as the European Union, the Southern Cone, and Russia, as well as to the reduction in production. However, the high sales growth in China, Algeria, Saudi Arabia, United Arab Emirates, and EFTA stands out.
29.44% of the 213.07 million boxes exported were sent to the European Union, 20.85% to Russia, 14.17% to the Middle East, 10.93% to the United States, 8.52% to East Asia, and 6.1% to the Southern Cone.