From January to October 2023, Peru exported 124,285 tons of fresh Cavendish bananas for US$94 million, i.e. 17% less volume and 10% less value than in the same period in 2022.

Bananas have had a tough season this year in all markets. Demand from the Netherlands, the top destination market, has been sluggish during these months. Up to October, Peru exported 36,620 tons to this destination for US$28 million, i.e. 15% less volume and 6% less value than in the same period of the previous year. Currently, however, the banana market is recovering. Prices have risen and that lost demand could be recovered. In addition, Panama, its second destination market, only imported 17,701 tons worth US$12 million, i.e. a 46% reduction in volume and a 43% decrease in value.

The reduction in Peruvian exports was also due to the increase in exports from Ecuador, the main exporter of Cavendish bananas. Ecuador increased its sales to the Peruvian bananas' third destination market, the United States. Between January and October 2023, the US only bought 17,054 tons worth US$12 million, which means there was a 30% drop in volume and a 27% drop in value.

It's worth noting that Ecuador has been able to boost its exports by lowering sea freight rates -which had doubled last year- to their normal levels. Ecuador hopes that the free trade agreements it signed and low sales prices will allow it to increase its exports to China, Belgium, the United Kingdom, and other countries.

Source: FreshFruit/ Agraria.pe