In November, banana imports increased by 14.05% month-on-month, and the average price fell by 0.98% month-on-month. At the end of November, bananas in Laos began to pass through customs, but the overall delivery of bananas was average and the market was rather unclear.
Figure 1 Comparison of China's banana imports from 2019 to 2021
According to customs data, China’s banana imports in November 2021 were 141,300 tons (141,309,693 kg), with an import value of 75520638 US dollars. Imports increased by 14.05% from October and 6.31% from November 2020; cumulative imports from January to November increased by 6.37% from the same period last year.
Figure 2 Comparison of China's average monthly import price of bananas from 2019 to 2021
As shown in the figure, the average import price of bananas in November 2021 is approximate US$534.43/ton, which is higher than the same period in 2019 and 2020. Prices in various regions have fluctuated, some ports have reopened, customs clearance time is long, and procedures are more complicated; taking Laos as an example, due to the impact of the pandemic, the Mohan port was closed from early October to mid-November, and banana shipments from Laos were not smooth. The quality of bananas was affected, and the quality and price were uneven.
Table 1 China's banana import data in November 2021
Figure 3 Source countries of China's banana imports in November 2021
In November 2021, China's largest source of imports was the Philippines, accounting for 52%. The second place is Cambodia, accounting for 17%. Since the successful export of Cambodian bananas to China in May 2019, it has shown a continued upward trend in the Chinese import banana market. The third and fourth places are Ecuador and Vietnam, accounting for 14% and 10% respectively.
Customs clearance at Mohan Port started in late November. However, due to the pandemic, banana shipping costs have skyrocketed, and the customs clearance has been taken long, which has affected the quality of bananas to a certain extent, with serious cargo damage and large price differences. Due to serious traffic jams, Boding Port in Laos suspended the passage of agricultural products transportation vehicles from December 19th to 26th.
At present, the focus of the domestic market has gradually shifted to the Yunnan production area, the Guangxi production area has entered the final stage of production, and the overall shipment volume of the Guangdong production area is not large. As the temperature drops, bananas mature more slowly, and some sources of supply are exposed to cold waves. The overall quality of bananas has decreased, and the price has stabilized slightly, but high-quality products are more sought-after. The price of high-quality products in Yunnan production areas is mostly above 4 RMB/kg, the price of fine bananas can reach 5RMB /kg. The price is expected to be stable and increase in the short term. Due to factors such as market demand and customs dynamics, the market outlook needs to be closely monitored.
Source: mysteel.com