According to statistics from the General Administration of Customs of China, in the first two months of 2024, the value of banana imports (HS code 0803) reached 336,9 thousand tons, valuing 159.9 million USD, an increase of 6.1% in volume but a decrease of 17.2% in value compared to the same period in 2023. The decrease in value was due to a 21.9% decrease in the average import price of bananas in the first two months of 2024 compared to the same period in 2023, at 474.5 USD/ton.
The peak banana sales season in China lasts from February to March each year. This year, due to the late banana harvest in China due to weather conditions, the peak import season for bananas is expected to last until April 2024.
In 2024, low banana production in the Philippines pushed up prices, creating a significant price gap with Vietnamese bananas. Previously, Philippine bananas were highly regarded for their taste, but the quality of this season’s crop fell short of expectations, while the quality of Vietnamese and Cambodian bananas improved. Chinese consumers are paying more and more attention to bananas imported from Vietnam and Cambodia.
According to statistics from the General Administration of Customs of China, in the first two months of 2024, Vietnam surpassed the Philippines to become the largest banana supplier to China, reaching 173,5 thousand tons, worth 70.3 million USD, an increase of 21% in volume and 1.4% in value, accounting for 51.5% of China’s total banana imports, up 6.4 percentage points year-on-year.
The average import price of bananas from Vietnam in the first two months of 2024 was 405.4 USD/ton, a decrease of 16.2% compared to the same period in 2023 and the lowest among the banana suppliers to the Chinese market.
Meanwhile, imports from the Philippines reached 64.6 thousand tons, worth 33.8 million USD, a decrease of 33% in volume and 45.3% in value, accounting for 19.2% of total banana imports, down 11.9 percentage points year-on-year. The average import price of bananas from the Philippines reached 524 USD/ton, a decrease of 18.4% compared to the same period in 2023.
Cambodia was the third largest banana supplier to China in the first two months of 2024, reaching 46.6 million USD, a decrease of 6.7% in volume and 35.3% in value year-on-year. The average import price of bananas from Cambodia was 533.8 USD/ton, down 30.7% compared to the same period in 2023.
Vietnam’s geographical proximity to China is an advantage. In addition, the area under banana cultivation in China has been decreasing due to rising costs of agricultural inputs, land lease costs and labor costs, which has discouraged farmers from growing bananas, leading to an increase in import share.
In addition, opportunities to export bananas to the Chinese market are expanding with the signing of the Protocol on the official export of fresh bananas from Vietnam to China in November 2022. This means that fresh Vietnamese bananas have obtained the necessary documentation to enter China and are gaining a foothold in the country’s fruit and vegetable consumption chain.
Bananas are also a highly profitable commodity for many domestic businesses. In the first two months of the year, the Hoang Anh Gia Lai Group (HAGL) earned 630 billion VND from bananas, selling 74,459 tons of bananas. Thus, the company earns 10.5 billion VND per day from selling bananas.
In Vietnam, bananas account for 19% of the total area of fruit trees in Vietnam each year, with about 155 thousand hectares of bananas planted with an annual output of nearly 2.5 million tons.
Bananas are very nutritious, rich in fiber, potassium, vitamins, and carbohydrates, and are a great source of natural energy for the body. In fact, bananas are considered the first “superfood”, recognized by the American Medical Association in the early 20th century as a health food for children and for treating celiac disease.
