Slight dip in banana volumes

The global banana production has declined slightly due to lower temperatures in the Tropics. This has driven a general increase in prices (spot prices reached €9.45 per box in week 7). However, Europe has seen very little change in prices as yet. European banana producers in the outermost regions are concerned about a possible oversupply if import tariffs are also reduced for Brazilian and Mexican bananas, following a similar move with Peru, Colombia and Ecuador. The European Commission, therefore, has agreed not to lower tariffs below €75 per ton. 21% of Ecuador’s bananas go to Russia, where they have a 96% market share. Exports to Georgia and Ukraine have also risen sharply lately.