Sufficient supply in domestic production areas

Banana imports were down by around 9% in August

According to customs data, China imported 113,000 tons of bananas (113,010,927 kilograms) in August 2022, with an import value of US$69,172,503. The import volume decreased by 8.88% from July and 28.79% from August 2021. Cumulative imports from January to August 2022 were 1.3487 million tons (1,348,658,586 kg), an increase of 2.35% over the same period in 2021.

The average import price of bananas in August 2022 was about US$612.09/ton, down 1.95% month-on-month and up 5.95% year-on-year. Some foreign production areas are entering the final stage, the overall quality of bananas declines, and the price decreases accordingly. In addition, the new season of bananas in Guangdong and Guangxi has been launched in batches, and the enthusiasm of merchants to purchase imported bananas has weakened.

In August 2022, China's largest source of banana imports is still the Philippines, accounting for 46%; the second is Cambodia, accounting for 24%; the third is Ecuador, accounting for 16%. At present, the China-Laos Railway has covered 30 provinces (urban areas) in China and has radiated to 8 countries including Myanmar, Thailand, Vietnam, Malaysia, and Singapore through Laos, which significantly reduces transportation time and cost, which is conducive to the rapid entry of bananas and other fruits in Southeast Asia into the Chinese market.

At present, the supply of bananas in various production areas in China is relatively sufficient, and the sales situation in each production area is different. Guangdong and Guangxi are the current mainstream production areas, but the quality of their bananas is uneven.

The Yunnan production areas are in their off-season, and are expected to be on the market in late October. The Hainan production area has entered the final stage, and the market is relatively chaotic. Most of the transactions and prices are based on quality. Most of the merchants have transferred to the Guangdong and Guangxi regions, and the production areas in Guangdong and Guangxi have sufficient supply. It is expected that in the short term, the banana market in the Hainan production area will be adjusted a bit, and the market in Guangdong and Guangxi may produce a good trend.

Source: mysteel.com


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