Vietnam becomes largest banana supplier to China
Friday, 25/10/2024 10:59 (GMT+7)
Vietnam became the largest banana supplier to China in the first eight months of 2024, with an export volume of 459,940 tons, worth 189.82 million USD, up 19.6% in volume and 0.8% in value over the same period last year, according to data from the Chinese Customs.
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| Vietnamese banana products have a wide path to export to the Chinese market. (Photo: nhandan.vn) |
Vietnam’s banana market share in China’s total imports increased from 31.33% in the first eight months of 2023 to 40.71% in the first eight months of 2024. Also in the first eight months of 2024, China reduced banana imports from the Philippines and Cambodia.
Thus, the Vietnamese banana industry has replaced the Philippines as the biggest supplier and is gaining an advantage in the Chinese market. The reason is said to be unfavorable weather in the Philippines, leading to output reduction and higher prices.
Although Philippine bananas are still popular in the Chinese market thanks to their flavor, the scarcity of supply and higher costs have created conditions for Vietnamese bananas to expand their market share.
Statistics from the Chinese Customs also show that in the first eight months of 2024, China’s banana imports reached approximately 1.13 million tons, worth 592.1 million USD, down 7.9% in volume and 23% in value compared to the same period last year.
In the first eight months of 2024, China’s average import price of bananas from the world reached 524 USD a ton, down 16.3% compared to the same period in 2023. Of which, the average import price of bananas from most sources decreased, except for Mexico./.
BTA