Ecuador's banana exports have seen a decline in the first two months of 2024, with a reduction of 2.76%, according to data from the Ecuadorian Banana Exporters Association (AEBE), or 3.51%, according to the analysis of the Banana Marketing and Export Association (Acorbanec). This downturn in international sales is attributed to multiple factors, including congestion in the Panama Canal, which has had an impact on shipments to the United States, one of the biggest markets, which has recorded a 0.37% drop.
The demand for bananas has also decreased in key markets such as the European Union, with a decline of 6.88%, and Russia, with a significant 21.82% drop. These three markets account for 60% of Ecuador's banana exports. Inflation and high prices have been key factors behind the decrease in consumption in the European Union, while the rise in the minimum support price for bananas has led this market to opt for imports from Colombia and Central America, as explained by Richard Salazar, director of Acorbanec.
Phytosanitary challenges in Russia, in combination with adverse weather conditions, including heavy rains and higher temperatures, have caused hydric and thermal stress in plantations, and the production has been affected. These internal factors, combined with a lower demand in important markets, have contributed to an overall decline in exports. Exports to the Middle East have also been affected by the attacks by Houthi groups in Yemen on cargo ships in the Red Sea, which has caused significant delays and, in some cases, market saturation, which has in turn led to a decrease in purchase volumes.
Source: expreso.ec