China's banana import price fell by 2.28%

China’s banana imports in February 2021 increased by 11.62% on January but decreased by 2.60% compared to February 2020. The average import price fell by 2.28% year on year.

Customs data show that China’s banana import volume in February 2021 was 137,900 tons (137,916,308 kg), the import value was 76,700,303 U.S. dollars, and the average import price was 556.14 U.S. dollars/ton. Import volume increased by 11.62% from January but decreased by 2.60% from February 2020; cumulative import volume of the two months fell by 3.19% from the same period last year.

As shown in the figure, the average import price in February 2021 was significantly lower than in previous years, down 2.28% year-on-year and up 4.91% month-on-month. The main reasons for the slightly lower prices are slow sales and sufficient supply of imported bananas.

Customs data show that as of February 2021, China’s largest source of imported bananas was still the Philippines. Exports from this country accounted for 44.35% of China’s total banana imports. Cambodia was the second largest, accounting for 24.36%. Vietnam, the third-largest exporter, accounted for 16.65%, and Ecuador became the fourth largest exporter, accounting for 12.14% of the total.

The current market is weak, shipments in production areas are slow, and prices remain at low levels. Mainly due to the weakening of consumer demand, supply is slighter larger than demand, and there are no favorable factors in store. The purchase and sales of imported and local products are average. It is expected that the recovery of consumer consumption levels will be slow, and it will take some time for the market to improve. In the meantime, the market will remain weak but stable.

Source: Sina Finance

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