NOVA MEDIA PUBLISHING INC.

Ecuador: The EU, the Southern Cone and Russia Buy Fewer Bananas from Ecuador

13.12.2019

From January to October 2019, Ecuadorian banana exports reached 293.82 million boxes, 1.51% higher than exported in 2018 in the same period. However, this increase is not as positive as it initially appears. If compared to other years, the rise is much smaller. In 2018 it was 5.73% and in 2017 3.42%. According to Acorbanec, this slow down stems from lower purchases by important markets such as the European Union, Southern Cone and Russia as well as climatic factors.

One of the biggest falls was in the European market. There, the figures show a 15.74% drop in relation to the same period in 2018. According to the Banana Marketing and Export Association (Acorbanec), this was due to countries such as Italy, Germany, Belgium and Poland that have greatly reduced their purchases.

In the case of Russia, the decline in sales was 3.04% compared to 2018, with the main cause being the loss of the purchasing power of the rouble, caused by the economic sanctions of the United States and the European Union. The Southern Cone, on the other hand, reported a 7.39% decline, mainly due to the Argentine market, which has been suffering from high currency devaluations, which are increasing the price of fruit in that country, according to local sources.

Acorbanec also reported high growth of exports to China, Algeria, Saudi Arabia, United Arab Emirates, Eastern Europe and EFTA.

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