In the first week of August, Chinese banana prices reached a low point and then began to rise again, before they stabilized. Prices continued to fall on the 2nd of August, as they had done in the previous week. Conditions in various production areas became unclear, but the price was quite low. Only after the 3rd of August did the price gradually stabilize.
Conditions were not the same for different production areas. In Guangxi and Laos the fluctuations were relatively small. The price of top-quality bananas remained strong. In Guangxi the price of premium bananas even showed signs of increase. Buyers are competing to secure premium bananas from Guangxi.
In Guangdong the fluctuations were rather big. The price dropped significantly on the 2nd of August. The banana price in Guangdong was still rising in the week prior, but in the first week of August the price dropped. Developments in Guangdong will depend on the retail volume.
Banana consumption in China is unstable because of the pandemic. When large volumes of bananas enter the market at the same time, then of course the price will come down. However, there is always demand for top-quality bananas. That is why the price of premium bananas from Guangxi is ahead of other banana prices.
As for import bananas, the market conditions for bananas imported from Laos remained stable. The price declined slightly in late July, but then steadily increased again to the former price level. The current price in banana production areas of Laos remains strong around 4.7-5 yuan [0.73-0.77 USD] per kg. The price of premium bananas is even higher.