The price of Vietnamese bananas doubles after Chinese market opens

In the first nine months of 2022, China spent more than US$213.4 million buying fresh bananas from Vietnam. Banana prices in the Mekong Delta doubled recently when the fruit was officially granted a "visa" to enter the Chinese market.

According to China Customs statistics, as of the end of September this year, China's consumption of imported bananas was nearly US$949 million, a year-on-year increase of 18.4%. Accordingly, the Philippines became the largest supplier of bananas to the Chinese market, with a turnover of US$375.5 million, a year-on-year increase of 5.9%, accounting for 39.6% of China's total import value.

It is worth noting that in the first nine months of this year, China increased its imports of bananas from Vietnam, with a turnover of US$213.4 million, a year-on-year increase of 49.2%. Especially in the third quarter of 2022, Vietnam overtook the Philippines to become the largest supplier of bananas to the Chinese market.

In addition, Vietnam and China have significantly increased their banana imports from Cambodia, Ecuador, and Laos.

According to statistics from the Department of Plant Protection of the Ministry of Agriculture and Rural Development, the volume of quarantined bananas in China exceeded 574,000 tons in 2021, and 591,000 tons in September 2022. The average price of bananas exported to the Chinese market fluctuates widely, about 0.5-0.6 USD/kg.

At the end of October last year, an agreement to export fresh bananas from Vietnam to China was formally signed. This meant that the "visa" for bananas to enter the Chinese market would promote the continuous growth of the industry's export value and bring more stability to banana farmers in Vietnam.

Many growers in the Mekong Delta said that China is "eating goods", and the price of bananas in the region has risen sharply. Last year, a disease affected export, and bananas grown according to VietGAP standards cost only VND5,000-6,000 (USD 0.20-0.24). Currently, the price of bananas has doubled to VND11,000-13,000 per kilogram (0.44-0.53 USD/kg).

The price of bananas has risen, and the export cost of one banana container has been reduced by VND 100 million (USD 4,038.77). Hence, farmers who grow bananas can reap good profits.

Source: Myanmar Chinese


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