Despite the global situation generated by COVID-19, Costa Rica has not only maintained but also increased the volume of bananas it has sent to the international market. However, the National Banana Corporation (Corbana) stated, banana prices have decreased and there have been some logistics problems.
With the exception of China, the traditional markets that import bananas from Costa Rica had a good recapture percentage in the first half of 2020 and the market volume in the United States grew by 3.4% after two consecutive years of decline.
“One of the aspects that favored the banana industry was the fall in oil prices, as well as the increase in consumption in supermarkets worldwide, especially at the beginning of the pandemic, when there were frequent shortages due to collective fear,” stated Benjamin Paz, the former president of Chiquita for North America and of Dole for Latin America.
Bananas are a staple product, as 11% of the world population consumes more than 60% of what is traded.