Eastern Asia: Banana Market 2024

Banana Market Size in Eastern Asia

After two years of growth, the East Asian banana market decreased by X% to $X in 2023. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2022, and then dropped modestly in the following year.

Banana Production in Eastern Asia

In value terms, banana production declined to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2022, and then declined in the following year.

China (X tons) constituted the country with the largest volume of banana production, comprising approx. X% of total volume. It was followed by Taiwan (Chinese) (X tons), with a X% share of total production.

In China, banana production remained relatively stable over the period from 2012-2023.

In 2023, the average yield of bananas in Eastern Asia reached X tons per ha, leveling off at the previous year's figure. The yield figure increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, the banana yield reached the maximum level at X tons per ha in 2021; afterwards, it flattened through to 2023. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, the total area harvested in terms of bananas production in Eastern Asia contracted slightly to X ha, waning by X% against the previous year. In general, the harvested area saw a slight curtailment. The growth pace was the most rapid in 2015 with an increase of X%. As a result, the harvested area reached the peak level of X ha. From 2016 to 2023, the growth of the banana harvested area remained at a lower figure.

Banana Exports

Exports in Eastern Asia

Banana exports skyrocketed to X tons in 2023, jumping by X% compared with 2022 figures. Total exports indicated noticeable growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2016 when exports increased by X%. Over the period under review, the exports hit record highs in 2023 and are expected to retain growth in years to come.

In value terms, banana exports rose markedly to $X in 2023. In general, exports showed a remarkable increase. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure in 2023 and are likely to see steady growth in the immediate term.

Exports by Country

China prevails in exports structure, finishing at X tons, which was near X% of total exports in 2023. Hong Kong SAR (X tons) held an X% share (based on physical terms) of total exports, which put it in second place, followed by Taiwan (Chinese) (X%).

From 2012 to 2023, average annual rates of growth with regard to banana exports from China stood at X%. At the same time, Taiwan (Chinese) (X%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of X% from 2012-2023. By contrast, Hong Kong SAR (X%) illustrated a downward trend over the same period. China (X p.p.) and Taiwan (Chinese) (X p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, China ($X) remains the largest banana supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in China amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (X% per year) and Hong Kong SAR (X% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2023, shrinking by X% against the previous year. Export price indicated a buoyant increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, banana export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of X%. The level of export peaked at $X per ton in 2022, and then reduced slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the other leaders experienced more modest paces of growth.

Banana Imports

Imports in Eastern Asia

In 2023, approx. X tons of bananas were imported in Eastern Asia; therefore, remained relatively stable against the previous year. Total imports indicated a measured expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.

In value terms, banana imports contracted to $X in 2023. Total imports indicated a notable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2014 when imports increased by X%. The level of import peaked at $X in 2019; afterwards, it flattened through to 2023.

Imports by Country

China represented the largest importing country with an import of around X tons, which recorded X% of total imports. Japan (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (X%). Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for China (with a CAGR of X%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports.

In terms of the main importing countries, China, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2023, therefore, remained relatively stable against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2017 to 2023, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform