In recent months, banana prices in Russia have dropped from $1.66 to $1.24 per kilogram due to decreased demand. However, this decline is temporary, and prices are expected to rise within the next month.
The main reason for the current situation is the challenges in Ecuador, Russia's primary banana supplier. Ecuador has faced drought and poor harvests, significantly hindering banana production and causing price instability. Previously, the wholesale price of a box of bananas fluctuated by 50 cents a week, but now it can change by $1.50 to $2. This makes it difficult to predict prices and plan for supply.
To avoid bankruptcy, Ecuadorian producers are negotiating with the government to raise the official price for bananas. In 2023, the government price was set at $6.65, but producers are seeking to increase it to $8.50. Russian suppliers have already reported plans to raise banana prices soon.
Source: time-news.net