Farmers in Colombia, the fifth-largest banana producer globally, are targeting increased shipments to the European Union, driven by the financial benefits of exporting to this region, according to an industry leader.
Colombian bananas receive a premium in the European Union due to sustainability commitments and living wage requirements for workers, stated Emerson Aguirre, head of Colombia's Banana Growers Association, in a conversation with Reuters.
Aguirre noted, "We're seeing opportunities to grow in the European market, because it recognizes the added value of Colombian bananas in terms of environmental, social, and labor sustainability." He added, "For us, it's essential to serve the EU market and continue increasing our market share there."
Colombia's banana exports reached over $1 billion last year, equating to 109 million 20kg boxes, Aguirre reported. The European Union accounts for approximately 70% of these exports, with the United States and the United Kingdom each representing 15%.
Aguirre downplayed concerns about potential U.S. tariffs, which have been postponed, suggesting that any additional costs would be transferred to consumers. Despite this, analysts have cautioned that such tariffs could impact U.S. consumption and reduce sales.
Source: Reuters