In a significant boost to Myanmar's agricultural sector, the country exported over 110,000 tons of tissue-cultured bananas to China in the first quarter of the fiscal year 2024-25. As reported by the state-run media, the Global New Light of Myanmar, this achievement was made possible through the dedicated efforts of Kachin state, located in northern Myanmar, which served as a crucial gateway for these exports.

The power cuts in Colombia are having a significant impact on banana production and transportation. Let's delve into the details: The Association of Banana Growers of Magdalena and La Guajira (Asbama) has raised concerns about the scheduled power cuts in the region from 7:00 p.m. to 1:00 a.m. Air-e, the utility company, announced these service interruptions due to a large debt accumulated by users in the area.

Ecuador emerges as the region's most indebted nation to China in the evolving landscape of Latin American trade. Despite its smaller economy compared to Brazil and Argentina, Ecuador's financial obligations to the Asian powerhouse are more substantial, according to the World Bank. This scenario underscores Ecuador's economic reliance on China and the latter's expanding influence in the region.

Colombian banana exports have experienced impressive growth during the first five months of 2024, with a 90% increase compared to the same period in the previous year. This surge has led to external sales reaching $530.7 million, significantly surpassing the $259.3 million recorded in 2023. In terms of volume, exports reached 1.06 million tons during the first half of the year, a substantial increase compared to the 525,528 tons exported in 2023.

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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.