Filipino banana exports from January to July plunged by 44 percent to 1.376 million tons from 2.484 million tons recorded volume in the same period of last year. Philippine Statistics Authority (PSA) data showed the value of banana exports during the seven-month period declined by 40.5 percent: from last year’s $1.052 billion to $625.747 million.
Historical PSA data showed this is the lowest volume and value of banana exports recorded by the Philippines in a January-to-July period in the past five years. The same data also showed the country’s banana exports in its four key markets (Japan, China, South Korea and Iran) declined year-on-year both in terms of value and volume of shipments during the reference period.
The country’s banana exports to Japan, dropped by 39.5 percent to $261.616 million from $463.585 million while volume of shipments plunged by 45.32 percent to 508,890.569 million tons from a year ago. China imported 508,460 million tons of bananas from the Philippines during the seven-month period, which was almost 30 percent lower than the 723,635 million tons it bought a year ago.
The value of Philippine banana exports to South Korea declined by 38.6 percent to $83.411 million from last year’s $135.921 million while volume of shipments fell by 44.37 percent to 165,552.779 million tons.