The Philippines is inching closer in surpassing its 2018 total cavendish banana exports of 3.4 million metric tons (MMT) based on the preliminary trade data in the January-to-September period from the Philippine Statistics Authority (PSA).
Data from PSA obtained by the BusinessMirror showed that the country’s banana shipments during the nine-month period have reached an unprecedented 3.2 MMT. The volume was 45.12 percent over the 2.211 MMT recorded in the same period of last year, PSA data showed.
This is now the highest volume of bananas exported by the Philippines during a January-to-September time frame, based on historical PSA data.
If the Philippines continue to export at a monthly average rate of 356,632.285 MT for the last quarter then total banana shipments for the year may reach an all-time high of 4.28 MMT, eclipsing the previous record of 3.631 MMT in 2014.
This would also ensure the Philippines stature as the second-top banana exporter in the world for the second consecutive year after reclaiming the position in 2018.
Export receipt from the banana exports during the nine-month period reached $1.448 billion, which was 47.76 percent higher than last year’s $979.937 million, PSA data showed.
Fueled by China
PSA data showed that China has been the consistent top banana market for the Philippines after becoming the latter’s top destination for the yellow fruit last year.
During the nine-month period, the Philippines exported 1.157 MMT of bananas to China, which was 52.25 percent over the 760,290.869 MT it shipped out to Beijing in the same period of 2018, PSA data showed.
China dethroned Japan last year as the top buyer of Philippine bananas as Filipino growers took advantage of the expanding Chinese economy and population.
“You can never go wrong with 1.3 billion people. China’s economy is growing by leaps and bounds over the years,” Pilipino Banana Growers and Exporters Association Executive Director Stephen A. Antig told the BusinessMirror in an earlier interview.
“We knew that it’s only a matter of time that China would overtake Japan as our top market due to its growing economy,” Antig added.
Japan and Korea remained as among the key markets for Philippine cavendish.
The Philippines banana exports to Japan rose 48.10 percent to 1.039 MMT, from 701,916.927 MT last year, while shipments to Korea expanded by 46.96 percent year-on-year to 412,741.868 MT, PSA data showed.
“As we all know, banana is the most important and cheapest fruit in the world. As long as it is available in the shelves of supermarkets, foreign consumers would continue to buy,” Antig said.