The banana sector in the Dominican Republic has been hit by rising costs and falling prices in international markets. The increase in freight, fertilizers and supplies such as boxes are among the increased cost factors. The aggravating circumstance is that the destination markets refuse to assume these cost increases.
The nation exports about 455 containers a week, more than 90% of organic bananas. But from 2016 to date, the price of bananas has plummeted by almost 35% of the Dominican Republic’s export price. The gap between the price of organic and conventional bananas is getting closer every day, to the detriment of Dominican exporters.
The president of the Dominican Association of Banana Producers (Asobanano), Hilario Pelegrini, has addressed the need to activate a national banana policy, bringing together private and government strategies to find a solution. Meanwhile, he said that a relaxation of the producers’ debt and the granting of financing to buy fertilizers are being negotiated with the Agricultural Bank.
Source: dominicantoday.com