According to data from the Chinese Customs Administration, in the first eight months of 8, China's banana imports reached approximately 2024 million tons, worth 1,13 million USD, down 592,1% in volume and 7,9% in value compared to the same period last year, according to the Ministry of Industry and Trade.

In the first 8 months of 2024, the average import price of bananas from China from world reached 524 USD/ton, down 16,3% over the same period last year. In particular, the average import price of bananas to China from most sources decreased, except for Mexico.

There has been a shift in the structure of banana supply to the Chinese market. Vietnam has become the largest banana supplier to China in the first 8 months of 2024, with imports reaching 459,94 thousand tons, worth 189,82 million USD, up 19,6% in volume and 0,8% in value over the same period last year.

Vietnam's banana market share in China's total imports increased from 31,33% in the first 8 months of 2023 to 40,71% in the first 8 months of 2024. Similarly, in the first 8 months of 2024, China sharply increased banana imports from Laos, Mexico, and Indonesia.

On the contrary, China has reduced banana imports from the Philippines and Cambodia. Thus, the Vietnamese banana industry has replaced the Philippines as the number 1 supplier and is gaining an advantage in the Chinese market.

The reason is believed to be unfavorable weather in the Philippines, leading to lower production and higher prices. Although Philippine bananas are still popular in the Chinese market for their taste, supply shortages and higher costs have allowed Vietnamese bananas to expand their market share. In addition, geopolitical tensions have also affected China's reduction in banana imports from the Philippines.

Source: Vietnam.vn