Taiwan banana prices fell to freezing point

For many years, Taiwan has always been a producer of high-quality fruits, but now, large volumes of bananas, pineapples, and wax apples are experiencing slow sales. Banana prices, in particular, have fallen to NT$2, equivalent to the purchase price of 0.30 yuan per half a kilo. It is the freezing point and the lowest for these bananas seen in decades. According to incomplete statistics, bananas that are unable to be sold now amount to 2 million tons.

There is a large production of bananas in Taiwan. In the earliest days, this fruit was mainly for export and prices and sales were good, which  encouraged more and more growers to join in. The bananas were mainly exported to Japan and South Korea, which accounted for more than 90% of sales. In recent years, these two countries have been importing fewer volumes from Taiwan and shifting to the Philippines.

After losing the Japanese market, Taiwan started to market its bananas in Mainland China, who replaced Japan and became the main market. However, banana is not a unique fruit and more and more regions in China have been expanding their plantings. The planted area and production in Hainan surpassed Taiwan within a few years and became the main production area. In addition, the market this year is sluggish. Therefore, bananas from Taiwan are facing an unprecedented challenge - the price is low and there is no market.

With the export business continuing to decline, the local fruit supply in Taiwan naturally exceeds demand. The current challenge Taiwan faces is that bananas are now grown extensively in Mainland China, such as in Hainan, Guangdong, Yunnan and Guizhou in Guangxi, and in many cases the local production is able to meet the needs of the market. In addition, this year's general market is sluggish and prices are low. These factors have led to the slow sales of Taiwan grown bananas.

Source: Tfresh

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