Ecuadorian banana exports to South Korea in the first five months of the year experienced remarkable growth. Shipments to this destination from January to May increased by 276%, going from 532,000 boxes in 2023 to more than 2 million boxes this year, according to the Ecuadorian Banana Marketing and Export Association (Acorbanec). This boom is mainly due to the decline in production from the Philippines, formerly South Korea's main supplier, due to problems with diseases such as Fusarium Race 4 and Sigatoka.
Even though Ecuador's total banana exports decreased by 1.46%, reaching 160.45 million boxes to all its destinations, the prospects for the South Korean market are optimistic. Richard Salazar, Acorbanec's CEO, projects that given the productive crisis in the Philippines growth in the South Korean market will be sustained in the long term. In addition, exports are expected to strengthen further from 2025 when the trade agreement between Ecuador and South Korea, which will progressively reduce the tariff on Ecuadorian bananas until it is eliminated in 2030, comes into force.
Other markets such as Algeria and the United States have also increased their demand for Ecuadorian bananas. Algeria increased its imports by 65% and the United States by 30%. These increases are attributed to high demand and production problems in Colombia and Central America, respectively, which has benefited Ecuador.
Ecuador's banana production faces challenges due to weather issues that have resulted in a decrease in yields. In addition, important markets such as Russia and China have decreased their demand; the former because of high prices and the latter due to its economic slowdown. These challenges underscore the importance of diversifying markets and strengthening the position of Ecuadorian bananas worldwide.
Source: eluniverso.com