The Philippines is set to cement its position as the world’s second-largest exporter of bananas in the next nine years. This will be accomplished on the back of better supply management and high demand from key Asian markets, the UN Food and Agriculture Organization said.
The projection was disclosed by the FAO in its recent global banana market review report. However, the UN agency clarified that the projections were prepared in January and does not take into consideration the impact of the Covid-19 pandemic on global banana trade.
The FAO projected the Philippine banana production would continue expand in the following years on the back of “successful disease management and ample investments into yield improvements and area expansion.”
The global demand for Philippine bananas would be “mainly driven by burgeoning import demand from China, as well as sustained income-driven demand from Japan.” FAO noted that banana per-capita consumption in China is expected to rise by 1.1 percent annually. As such, the Philippines is set to expand its volume share in global banana exports from 15.6 percent in the base period to 18.6 percent in 2029, thereby further consolidating its position as the second leading supplier of bananas globally behind Ecuador.”
According to businessmirror.com.ph, the FAO said world banana production would grow at 1.5 percent annually starting this year to reach 132.6 million metric tons in 2029, assuming normal weather conditions and no further spread of banana plant diseases.