PRODUCT CLASSIFICATION

Bananas are one of the most widely consumed fruits in the world, known for their sweet taste, soft texture and high nutritional values such as vitamin C, potassium and dietary fiber.

Grown primarily in tropical and subtropical regions, they play a fundamental role in many developing countries’ economies.

Bananas are a part of Edible fruits, nuts & fruit peels and Other fruits, categories of the Vegetable Products section that includes a wide range of related by-products like Fresh Bananas & Plantains and Dried Bananas & Plantains.

They also have a Product Complexity Index of -1.88, ranking 1000 out of 1044 products in 2023.
This post will not consider a specific country’s market, but it will be focused on the Bananas trade in general.

OVERVIEW

In 2023, global trade of Bananas reached an amount of $15.8B, reflecting an increased percentage of 5.72 from 2022, when it totaled $14.9B and, over the past five years, it has grown at an annualized rate of 1.76%.

In addition, during the same year, Bananas ranked 254 out of 1217 products, accounting for 0.07% of world trade.

EXPORT

In 2023 it was estimated that the main characters in the exportation scenario of Bananas were

  • Ecuador - $4.51B;
  • Costa Rica - $1.74B;
  • Guatemala - $1.55B.

Also, during the same year, the countries that registered the highest share of this category in their export portfolios were

  • Ecuador - 12.1%;
  • Belize - 10.9%;
  • Guatemala - 10.1%.

IMPORT

In 2023 it was revealed that the leading importers of Bananas category in global trade were

  • United States - $2.99B;
  • China - $1.21B;
  • Japan - $940M.

CONCLUSIONS

Despite ongoing issues like extreme weather, rising production costs and plant diseases, in 2023 the international demand for the Bananas category remained strong, especially in Europe and North America, continuing to be a crucial crop for both global trade and everyday nutrition.

Lastly, due to their favorable climate conditions, countries like Ecuador, Costa Rica and Guatemala saw slight growth in exports.

Source: https://oec.world/en

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