Russia and Ukraine save the global banana market
According to Fruit-Inform, the global banana market have been seriously stagnating due to low demand for bananas in the majority of countries except Russia and Ukraine, where the demand has significantly grown. It is the two countries that partially saved the global banana market from full collapse in addition to unfavorable weather in Ecuador, which led to lower yields. Otherwise, prices could have fallen even more significantly.
Fruit-Inform analysts estimate cumulative banana imports in Russia and Ukraine at above 800,000 tonnes in January-May 2013, which is an absolute record high result. Current imports are 16% higher year-on-year and 29% higher compared with average over the past 5 years.
“Such a sharp increase in imports in Russia and Ukraine is connected with historically low prices of bananas and a delay of two weeks in the European berry, stonefruit and early vegetable season”, says Ms Tetiana Getman, Head of Fruit-Inform. “At the same time, we expect the banana market to be forced to reduce prices again already in late June, as the EU and Russian market participants will start mass supply of inexpensive fruits, berries and vegetables, which will significantly affect the demand for bananas”.
We would remind you that more detailed information about Russia's fruit and vegetable imports structure and outlook will be presented at the 6th International Conference “Fruit & Vegetable Business of Russia – 2013”, which is to take place in conjunction with World Food Moscow, September 17.
Nevertheless, bananas in Russia and Ukraine are now averagely 30% less expensive than usual, and these fruits will be in higher demand compared with previous years, as consumers' income are relatively low in these countries.
Such a situation is a bad news for the Eastern European apple growers, as inexpensive bananas will keep on exerting pressure on the market for other fruits.
As regards the Russian and Ukrainian apple pricing and market prospects, more information about them will be presented at the 3rd International Conference “Apple Business of Ukraine & Russia – 2013”, which is to take place on August 15-16, 2013, Donetsk, Ukraine.
Would you have any questions regarding participation in the events, please contact Conference Organizing Committee:
tel: +7 495 7894419 (Russia)
tel: +380 (562) 321595, ext. - 341 (Ukraine)
cell: +380 96 5836323
email: [email protected]