Vietnam is the second largest banana supply market for China

Import and Export Department (Ministry of Industry and Trade) cited statistical data from the Chinese Customs Authority, May 10, 2023, the import value of bananas ( HS code 0803) of China reached 1.46 million tons, worth 912.4 million USD, down 7.1% in volume and down 10% in value compared to the same period in 2022. Average imported banana price in The first 10 months of 2023 will reach 623.2 USD/ton, down 3.1% compared to the same period in 2022.

Vietnam is the second largest banana supply market for China

China imported the most bananas from the Philippines and Vietnam markets in the first 10 months of 2023, imports from these two markets accounted for 67.1% of the total volume. imported bananas. In particular, China increased the proportion of banana imports from Vietnam and decreased the proportion of banana imports from the Philippines.

On November 1, 2022, Ministry of Agriculture and Rural Development Vietnam and the Chinese Customs Administration signed a Resolution protocol on export fresh bananas from Vietnam to China. The signed protocol brings significant growth for Vietnamese bananas into the Chinese market.

Vietnam's banana market share has increased significantly and is the second largest supply market for China, accounting for 28.2% of total Chinese banana imports in the first 10 months of 2023, an increase of 2.6 percentage points compared to the same period in 2022, an increase of 7.3 percentage points compared to the same period in 2021 (the time before the Protocol was signed).

The export potential of fresh and processed bananas is still very large because this fruit is harvested all year round. China tends to increase banana imports from the Vietnamese market because of its favorable geographical location.

In addition, China's banana growing area has decreased due to increased agricultural input costs, land rental and labor costs while disease outbreaks have made this crop less effective.