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After a complicated period, Canarian banana prices have started to recover

In 2023 and the beginning of 2024, prices were unsustainable for banana producers in the Canary Islands. Fortunately, things started to take a positive turn in the last week of March of this year. During this time, the prices paid to producers didn't allow them to cover production costs, even when they received a 0.30 euro per kilo aid. This happened because there was an excess of production in the islands, a decrease in consumption in external markets, and intense competition.

According to Asprocan, which represents producer organizations in the Canary Islands, the Canary Islands produced a record 467 million kilos of bananas in 2023. 388 million kilos were sold in the Peninsula, 44.2 million in the Canary Islands domestic market, only one million in the rest of Europe, and 26.5 million kilos -34 million kilos if what was exported to Morocco is included- were withdrawn from the market (the second-highest withdrawal volume on record).

Since the end of March 2024, specifically in week 13, there has been an increase in prices that has benefited Canarian producers. This improvement has remained constant until week 20. It's been driven by the decrease in the volumes sent to the Peninsula, a lower presence of bananas at certain times of the year, and stronger demand in traditionally good months for consumption.

The increase in prices paid to Canarian farmers began to be noticed at the end of March, with average prices exceeding 0.85 euro per kilo, even reaching 1.20 euros per kilo for the extra-first category. These prices allow producers to obtain a direct return from foreign sales, without the 0.30 euro per kilo Community aid.

Before this rebound, Canarian producers had faced almost 15 consecutive months of low prices that did not cover production costs, even with the help of the EU. The beginning of the recovery was glimpsed in week 11 of 2024, when prices increased by ten cents per kilo on average, thanks to the shortage of bananas in the Peninsula and Europe, which favored the increase in prices of the Canarian banana.


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