Platano de Canarias closed 2024 by achieving a recovery of 25% in its value export

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It is believed that the Canary Islands banana sector experienced an improvement in 2024 following 2023’s huge production, but extremely cheap prices for Platanos de Canarias Producers’ Organizations. The results of 2023 put the industry in a difficult spot due to lower prices at the source as well as the dramatic increase in cost of production in the past three years (+24 percent).

2024 has been a time which has experienced a rebound in year-on-year average. The recovery is dependent on the production’s large fluctuation (a consequence of the weather) that has led to periodic periods of sudden price shifts and an increase in prices, though lessened, was still growing through 2024.

Exports of bananas to the Canary Islands in 2024 decreased by 23.5 million kilograms over last year’s figures, which stood at 373 million kilograms. Mainland Spain as well as the Balearic Islands were the main destination, with over 360.3 thousand kg (vs. 388 million in the prior year). The remainder of 13.1 million kilograms were shipped to other countries, mostly Morocco, Switzerland, Belgium, Poland, and Portugal (vs. 8.5 million in the prior year).

The value of the total exports was estimated at 400 million euros i.e. an increase of around 25% compared to the amount reached in 2023.

In 2024, the typical weekly intake of Canary Island bananas on the mainland reached seven million kilograms. It was a time of abrupt price fluctuations this year. The value of exports saw rapid decline between the weeks 27-33 of 2024 because of the high output prior to the season of summer, which had an impact on the amount of product that was marketed during the latter portion during the second half of. In the final 12 weeks of 2024 prices held steady despite the significant volume of exports. This was comparable to last year.

The increase in annual average prices as well as the steadying of production is an improvement in this sector. Canary Islands banana sector, after 15 months of lower prices up to March 2024.

According to Asprocan The consumption of fruits according to Asprocan, the consumption of fruit in Spain decreased by 24% over the past decade. That means canary islands bananas are the most sought-after Canary Islands banana, which must contend with higher costs of production, the impact of climate change impacting the cycle of production and the competition coming from third nations, has to confront a negative market environment that creates the possibility of huge volatility and uncertainties.

For further information:

Asprocan

https://platanodecanarias.es

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Source: The Plantations International Agroforestry Group of Companies