According to statistics from China Customs, in the first two months of 2024, the import value of bananas (HS code 0803) of China reached 336,900 tons, worth 159.9 million USD. This result was up 6.1% in volume but down 17.2% in value over the same period in 2023.
The peak season of bananas in China annually lasts from February to March. However, this year, it is expected to last until April 2024 due to the late harvest caused by the weather.
Banana exports to China increased sharply.
In 2024, the low banana production in the Philippines has pushed up prices, creating a significant price gap with Vietnam’s bananas. In the past, the Philippines’s bananas were highly appreciated for their taste. However, the quality of bananas this season is not as expected. Meanwhile, the quality of Vietnamese and Cambodian bananas has improved. According to the Import-Export Department, Chinese consumers are gradually paying more attention to bananas imported from the Vietnamese and Cambodian markets.
Based on the statistics from Chinese Customs, in the first two months of 2024, Vietnam surpassed the Philippines to become the largest banana supplier to China. The export value reached 173,500 tons, worth 70.3 million USD. This result was up 21% in volume and 1.4% in value. It accounted for 51.5% of China’s total banana imports which was up 6.4 percentage points over the same period in 2023.
The average price of bananas imported from Vietnam in the first two months of 2024 was 405.4 USD/ton, down 16.2% over the same period last year. This is also the lowest among banana supplies for the Chinese market.
Meanwhile, imports from the Philippines reached 64,600 tons, worth 33.8 million USD, down 33% in volume and 45.3% in value. This figure accounted for 19.2% of total banana imports, which was down 11.9 percentage points over the same period in 2023.
Cambodia is the third-largest banana supplier to China in the first two months of 2024, reaching 46.6 million USD, down 6.7% in volume and 35.3% in value over the same period in 2023./.