Severe decline in volume and value of banana exports

he Philippines has recorded a variation of -36.46% in volume and -31% in value for banana exports, which are one of the country's main agricultural products.

 

 

The Philippine Statistics Authority (PSA) reported that in 2021 banana exports totalled 2.419 million tonnes, i.e -36.46% compared to 2020. In terms of value, these exports reached USD 1.123 billion, i.e -31% compared to 2020.

 

Japan remained the 1st buyer of bananas from the Philippines with 923,060 tonnes, i.e. -34.75% compared to 2020 and a share of 38.14% of the total export volume.

 

China was the 2nd largest buyer with 907,440 tonnes, i.e. -25% compared to 2020. South Korea was the 3rd largest buyer with 270,247 tonnes, i.e. -37.99% compared to 2020. 

 

This decline in Philippine exports is explained by production and logistical problems as well as increased competition. The Philippines is losing market share in the main Asian markets to other countries such as Vietnam and Cambodia, as well as to Latin American producers.

 

 

 

 

 

source : businessmirror.com.ph