The $25 Billion Banana Export Business
The $25 Billion Banana Export Business
The Banana Goldmine Business
Bananas are one of the most consumed and cheapest fruits worldwide: they are the most traded fruit and the fifth most traded agricultural product. The global banana exports by country totaled an estimated US$14.7 billion in 2019, up by an average 43.3% for all banana shippers over the five-year period. In year 2015 bananas exports were valued at $10.2 billion. Year over year, the value of global banana exports appreciates by 11.2% from 2018 to 2019.
Ecuador is the highest exporter of banana with over US$3.3 billion (22.6% of total bananas exports) followed by Philippines: $1.9 billion (13.2%), Colombia: $1.6 billion (11%).
The United States, is the highest importer of banana with US$2.8 billion in 2019 (17.6% of total imported bananas) followed by Russia: $1.1 billion (7.2%), Belgium: $1.1 billion (7%), China: $1.1 billion (7%), Netherlands: $1.1 billion (6.9%).
There are more than 1000 varieties of bananas produced and consumed locally in the world, but the most commercialized is the Cavendish type banana, which accounts for around 47% of global production. Cavendish banana crops are able to achieve high yields per hectare and, due to their short stems, are less prone to damage from environmental influences such as storms. Cavendish banana plants are also known for recovering from natural disasters quickly. Approximately 50 billion tonnes of Cavendish bananas are produced globally every year.
Virtually all bananas supplied to the US and European markets are Cavendish, which are better suited to international trade than other varieties as they are more resilient to the effects of global travel. Cavendish are also the major type of bananas produced and consumed in China, and account for one‑quarter of production and consumption of bananas in India (Bioversity).
Nigerias Banana production cannot meet local consumption and there hence Nigeria import banana from Cameroon.
Nigeria can also join the list of banana exporting countries and earn over $1B USD is revenue.
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