According to Chinese Customs, the import value of bananas (HS code 0803) in 10 months of 2023 reached 1.46 million tons, worth 912.4 million USD. This result was down 7.1% in volume and 10% in value over the same period in 2022. The average import price of bananas this year was 623.2 USD/ton which was down 3.1% compared to last year.
Vietnam is the second-largest banana supplier to China.
China mainly imported bananas from the Philippines and Vietnam in 10 months of 2023. The import volume from these two markets accounted for 67.1% of the total imported bananas. In particular, China increased banana imports from Vietnam and reduced the proportion from the Philippines.
On November 1, 2022, the Ministry of Agriculture and Rural Development of Vietnam and the Chinese Customs signed the Protocol on the export of fresh bananas from Vietnam to China. This has brought significant growth of Vietnam’s bananas into the Chinese market.
Vietnam’s banana market share has increased strongly and become the second-largest supplier to China, accounting for 28.2% of total China’s banana imports in 10 months of 2023. It was an increase of 2.6 % compared to last year and 7.3% over the same period in 2021 (before the Protocol was signed).
The export potential of fresh and processed bananas is still very large because this fruit is available for harvest all year round. China tends to increase the import of bananas from Vietnam because of favorable geographical location.
In addition, China’s banana-growing area has decreased due to the increase in the cost of input agricultural materials, land rental, and labor while diseases have made this crop less effective./.