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Plátano de Canarias closed 2024 with a 25% recovery in the value of its export

The Canary Islands banana sector experienced a recovery in 2024 after 2023 was marked by record production but very low prices for the Plátanos de Canarias Producers' Organizations. The 2023 results placed the sector in a critical position due to the continued low prices at source and the sharp increase in production costs in the last three years (+24%).

2024 has been a year of recovery in terms of annual average. This recovery, however, is conditioned by the production's high variability (a result of the weather), which has generated periods of abrupt price changes, and the increase in costs that, although attenuated, continued to grow in 2024.

Banana exports from the Canary Islands in 2024 decreased by 23.5 million kilos over the previous year, standing at 373 million kilograms. Mainland Spain and the Balearic Islands were the main destinations, with more than 360.3 million kilograms (vs. 388 million the previous year). The remaining 13.1 million kilos were sent to different countries, mainly Morocco, Switzerland, Belgium, Poland, and Portugal (vs. 8.5 million the previous year).

The total value of these exports stood at nearly 400 million euros, i.e. a recovery of just over 25% over the value obtained in 2023.

During 2024, the average weekly consumption of Canary Island bananas on the mainland stood at 7 million kilograms. There were abrupt price changes this year. The value of exports experienced a sharp drop between weeks 27 and 33 of 2024 due to the strong production volume before the summer season, which affected the production marketed in the second part of the year. However, during the last 12 weeks of 2024, prices were stable despite a high export volume, very similar to that of the previous year.

This rebound in average annual prices and the stabilization of production mark a positive change for the Canary Islands banana sector, after facing 15 consecutive months of low prices until March 2024.

According to Asprocan, fruit consumption in Spain has fallen by 24% in the last decade. This means that the Canary Islands banana, which has to deal with increased production costs, the effects that climate change is already having on the production cycle, and competition from third countries, also has to face a negative market context; all of which generates a scenario of great fluctuations and uncertainty.

For more information:
Asprocan
https://platanodecanarias.es

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