According to the most recent statistics published by the Costa Rican Foreign Trade Promotion Agency (Procomer), banana exports in the first half of the year grew by 19% compared to the same period in 2022, while pineapple exports increased by 13%.
According to Procomer, between January and June 2023, both pineapple and banana each accounted for 6% of the country's exports. The horticultural sector is the country's second-fastest-growing and most important export sector, second only to the medical implements sector.
The Central Bank of Costa Rica emphasized in its most recent Monthly Index of Economic Activity (IMAE) -with information up to May- that weather conditions were favorable for the productivity of both export crops. As a result, the horticultural sector's yield increased by 2.6%.
Siany Villalobos, president of the Chamber of Exporters of Costa Rica (Cadexco) and manager of Grupo Visa, told La Nación newspaper that lower freight costs and growing demand in the European market have boosted the sector's profit margins.
According to Cadexco, the demand for bananas and pineapples from Europe increased because there have been delays in the harvest of fruits in Europe (such as melon or cherry) and because the euro has gained more value against the dollar. As a result of these factors, demand from that continent has increased.
In addition, Cadexco said that, as a result of the high prices of inputs in 2022, the harvest in 2023 - and therefore the supply- was lower. However, as demand remained high, prices rose.
Source: nacion.com