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Demand in the off-season is not strong, and banana imports decreased by 20.20% in July

Currently, China's banana market is in its low season of consumption. As the market lacks a sustained positive boost, China's banana imports were 124,000 tons in July 2022, a decrease of 20.20% month-on-month.

The average price of imported bananas was about 624.24 US dollars/ton in July 2022, a decrease of 9.48% month-on-month but an increase of 13.50% year-on-year. Recently, the opening hours of ports such as Mohan and Monkey Bridge have been relatively stable. The loss rate of bananas in transit has decreased significantly. The decline in sea freight and oil prices has reduced the transportation costs of imported bananas to a certain extent.

Recently, Qingdao Port has opened seven new international container routes and the "Shandong Qingdao Port - Suifenhe" container sea-rail intermodal train. The new route has built a low-cost and efficient sea logistics channel for Southeast Asian fruits, cooling and cold chain goods to dock with Shandong port. This is expected to reduce the costs of importing bananas from Southeast Asian countries.

In July 2022, China's largest source of banana imports was the Philippines, accounting for 40%. Cambodia was in second place, accounting for 28%. Ecuador came in third place, with a share of 18%. Banana exports from Ecuador in the first half of this year decreased significantly from last year. In addition to the continued container shortage and other rising costs of consumables, the main reason is the decline in production. The cold weather induced by La Niña caused its production to decline by about 20% compared with last year. This is expected to continue until September. In October-December, banana production and market conditions will improve.

China's domestic banana market is in the low season of consumption, and the market is relatively stable. Bananas from Guangdong and Guangxi have gradually become the mainstream on the market.

At present, bananas are mainly shipped from Lingao, Chengmai, and Danzhou, and the overall price is basically the same as that of the same period last year. However, due to the poor shipment affected by the pandemic, some merchants have shifted to Liangguang to get goods.

The banana market in Guangdong and Guangxi is slightly better than in the same period last year. It is expected that with the preparation of goods during the Mid-Autumn Festival, the enthusiasm of merchants to take goods will increase, and the price in the banana-producing areas will be stable and good in the short term.

Source: Sina Finance

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