Ecuador, the world's leading banana exporter, is on track to achieve a new sales record in 2020. Between January and October of this year, the country has exported more than 315 million boxes of bananas, i.e. 7.24% more volume than in the same period of 2019.
According to a report by the Banana Marketing and Export Association, ACORBANEC, the European Union continues to be the largest buyer market for the Ecuadorian product, with a 26.87% share this year. It is followed by Russia, the Middle East, the United States, East Asia, the Southern Cone, Eastern Europe, and Africa, the latter two with significant growth of over 20%.
The increase in banana sales took place in a unique context, as the global COVID-19 outbreak affected trade in many markets because of port closures and mobility bans. In addition, the fall in oil prices, which affected the purchasing power in several consuming countries, had an impact on banana sales.
Despite these circumstances, Ecuador maintained exports and achieved significant growth. In this period, for example, the country sold 8.2 million more boxes of bananas to the European Union than in the same period of 2019.
However, these factors have generated instability in the marketing price of the fruit, which was also evidenced in domestic prices in the country, stated Richard Salazar, the executive director of ACORBANEC.
According to the Central Bank of Ecuador, from January to September of this year, banana exports represented 2.414bmillion dollars for the Ecuadorian economy and they were the country's leading non-oil export product.