The Ecuadorian banana industry faces headwinds as export figures for June 2024 reveal a 1.04% decline compared to the same period in 2023. The Association of Banana Exporters of Ecuador (AEBE) reported that cumulative banana exports reached 188.99 million boxes, down by 1.99 million. Factors Behind the Decline: A significant reduction of 18.13% in exports to Russia accounts for 7.78 million fewer boxes. The Russian market remains challenging due to changing demand dynamics.

Banana selling prices in Russia were USD 15.10-17.45 per box CIF, occasionally extending to USD 18.60 per box. However, prices decreased due to weak demand for bananas caused by high temperatures and the availability of large volumes of local summer fruit in the market. In week 30, approximately 1.516 million boxes were discharged, and around 833,000 boxes are expected to arrive in week 31. The exchange rate was 1 USD=85.41 RUB. Regarding inflation, Russia faces a high year-on-year inflation rate of over 9%, while the government intended to reach a target of 4%. Initial plans to start easing monetary policy in the year's second half failed as the expected slowdown in inflation did not materialize. As price growth accelerated, the Central Bank's decision to hold the benchmark rate at 16% after its June meeting was not maintained, and rates were raised recently 200 points to 18%. Labour shortages and factors beyond the Central Bank's control have contributed to the situation. Additionally, on June 12, 2024, the U.S. introduced a new package of sanctions targeting Russia's financial, energy, and technological infrastructure. These secondary sanctions have disrupted Russia's financial operations, affecting payments, currency exchange rates, and interbank dynamics. So far, banana imports have not suffered. However, trade might be affected in the future in case of higher inflation or difficulty paying through international channels due to current problems.

The Free Trade Agreement (FTA) signed between Costa Rica and the United Arab Emirates marks an essential milestone in our country's trade relations with the Islamic world. Here are some key aspects: The deal could open the door to a market of 19 nations that make up the Arab League, with a total population of 446 million. The United Arab Emirates represents the second most prosperous economy in the region after Qatar.

In a compassionate gesture that combines a passion for football with helping those most in need, Plátano de Canarias has announced a generous donation following the Spanish national team's victory in the Eurocup. The Canarian company, known for its social commitment, will transform goals into significant food delivery.

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The Association of Banana Growers of Magdalena and La Guajira (ASBAMA) has urgently called on the National Government to intervene in the Colombian Caribbean's energy crisis. Due to force majeure circumstances, the energy provider company, AIR-E, has begun implementing six-hour daily electricity rationing six days a week, starting July 24. This measure is the community's departments' productivity and safety and the community's quality of life, invoking a sense of AIR-E'sthy in the audience.

Thessaloniki Port Authority (TPA) is improving its reefer container handling capabilities by incorporating RTE's GRASP automated reefer monitoring platform. This system, coupled with WRAD II Bluetooth® wireless devices, is revolutionizing the port's reefer operations, ensuring even more efficient and effective reefer container handling.

South Korea has emerged as the fastest-growing market for Ecuadorian bananas in the first half of 2024, importing over 1.6 million more boxes than in 2023. This surge is reflected in the latest data from the Association of Marketing and Export of Bananas of Ecuador (Acorbanec), which shows a 271% increase in South Korean imports of Ecuadorian bananas from January to June.

The volume of bananas traded showed modest growth during the first half of 2023, indicating the potential for a significant recovery after the previous year's decline. With global exports increasing by around 0.3% compared to 2022 and the industry's leading players adapting to the changing market conditions, there is a sense of optimism for the future of the banana trade.

The Association of Banana Growers of Colombia, Augura, along with the Association of Banana Growers of Magdalena, Cesar, and La Guajira, Asbama, have spoken out about the situation regarding international banana prices. Both associations emphasized their desire for banana prices in the global market to increase so that the relationship between the commercialization value and production costs is fairer.

A resurgence of Moko in the Ecuadorian banana-producing province of Los Rios raises alarms about the rapid spread of this disease. It appeared over a decade ago in El Carmen in the province of Manabí, but what seemed to be only a problem for plantain crops is now also affecting bananas. The spread of the bacteria is raising alarms in this industry, the country's second source of non-oil foreign exchange.

The supply of banana imports to the United States has been significantly hampered due to weather disturbances in key producing regions such as Mexico and Guatemala. Andy Thomas-Stivalet, a representative from Kadivac Produce, explains that storms, unseasonably high temperatures, and severe droughts have slowed plant growth and reduced overall yield.

Banana selling prices in St. Petersburg, influenced by brand, volume, quality, and packaging, ranged from USD 16.25 to 17.95 per box CIF. Prices were lower than the previous week due to weakened demand, attributed to high temperatures in several regions of the Russian Federation and the abundance of local summer fruits available in the market. Approximately 1.035 million boxes were discharged in week 29, with an expected increase to nearly 1.515 million boxes for week 30. The exchange rate was 1 USD = 87.88 RUB. Banana selling prices in the Mediterranean ranged from USD 15.50 to 17.50 per box CIF for Ecuadorean bananas, depending on the region, brand, quality, and volume. An exception was Libya, where sales reached USD 21.00 to 22.00 per box CIF, depending on brand, volume, and quality. Bananas from Central America were sold at around USD 19.00 to 20.00 per box CIF. Prices in Algeria were in line with the average price in the Mediterranean, with boxes priced at around USD 16.00 per box CIF. In the Mersin Free Zone, prices for re-exported bananas of Ecuadorean origin ranged from USD 16.00 to 18.50 per box, with peaks of USD 21.00 to 22.00 for extra quality and heavy boxes.

In the Colombian region of Magdalena, efforts are being made to protect this territory from the Fusarium TR4 disease. According to Agrosavia researcher Juan Camilo Gómez, the fungus is contained in 11 farms in this northern region of Colombia, including La Guajira. These efforts, a result of the alliance between ICA and Agrosavia, have proven successful. Juan Camilo Gómez highlights six farms in Magdalena and the rest in the neighbouring department.

The severe drought conditions that had necessitated restrictions on ship passages through the Panama Canal were mitigated by increased rainfall. The Panama Canal Authority (APC) has announced plans to augment the number of daily booking slots for vessels to 35 in August, a significant increase from the previous limit of 24 crossings per day set in November 2023.