Ecuador's banana exports up to March 2024 shows a decrease of 0.24% in cumulative exports with 102.01 million of boxes sent in March 2024 compared to 102.26 million in March 2023. The Panama Canal delays, weather and the increase in the Minimum Support Price for the box of bananas led to the decline in exports during this first quarter.
"The increase in the Minimum Support Price for the box of bananas caused important markets to reduce their purchases, especially in the European Union, which fell by -11.18% and they have chosen to buy that difference in Colombia and Central America. A similar scenario occurs in Russia, which reduced its purchase by 19% but unlike the European market, they are not buying from another market that difference, their volume decreased due to the high price of the fruit," notes Acorbanec.
The top three markets that received bananas are the European Union with 31.05%, Russia: with 18.71% and the Middle East with 12.86% receiving a total of 63.89 million boxes in 2024 notes Aebe.
The cumulative exports by region that recorded negative variations is Russia with 23.18% less, the Southern Cone 12.39%, United Kingdom: 7.44%. These three regions received 6.72 million boxes less in March 2024 compared to 2023. The problems of passing through the Panama Canal would be another of the factors that have affected banana exports as shipping costs increase affecting shipments to Russia, which has caused this country to reduce its purchase volume.
The top export ports in Ecuador are Guayaquil that handled 50.66 million boxes (49.66% share), Posorja with 27.60 million boxes (27.06% share) and Puerto Bolívar with 23.75 million boxes (23.29% share).
The top three brands exported from Ecuador are Dole with 14.14 million (13.86% share), Chiquita with 5.27 million boxes (5.16% share) and Global Village with 4.90 million boxes (4.80% share).
According to data provided by the Acorbanec's Statistics Coordination Office, in the accumulated period from January to March 2024, although it is true in January the reduction was -12.17% and in January to February it was -3.51%.
The reduction in banana production in Central America and Colombia due to climatic factors would be one of the aspects that generated this slight increase for our country, since several transnational companies demanded more bananas in Ecuador during the month of March to fulfill orders in the United States and the European Union.
The weather factor played an important role in the decline in exports during this first quarter. Although it is true that the casings from week 41 to week 48 of 2023, which are harvested in week 1 to week 13 of 2024, are superior in relation to those of 2023, which predicted greater production, variations in cold temperatures at night and early mornings, and increased solar radiation during the day. Excess rain in several producing areas meant that the plantations did not have their normal physiological development, so the cluster (ratio) was lower compared to previous years, generating a reduction in production.
For more information:
Richard Salazar
Acorbanec
Tel. +593 42136348
Email: [email protected]
www.acorbanec.com
For more information:
Jose Antonio Hidalgo
AEBE
Tel: +593 96 402 9141
Email: [email protected]
www.aebe.com.ec