HS Code:
Bananas, classified under HS Code 0803, are one of the most traded fruits globally, serving as a staple food in many countries and a key export commodity for tropical regions. The banana trade is dominated by a few major exporting countries in Latin America, Africa, and Asia, with significant demand in North America and Europe. The trade is influenced by factors such as climate conditions, labor costs, and international trade agreements.
Total Trade Volume
Approximately 20 million metric tons
Data from 2022
Source
United Nations Comtrade Database, FAO Statistics
6.5 million metric tons
32.5% of total trade of total trade
Increasing
3.2 million metric tons
16.0% of total trade of total trade
Stable
2.4 million metric tons
12.0% of total trade of total trade
Increasing
2.1 million metric tons
10.5% of total trade of total trade
Stable
1.8 million metric tons
9.0% of total trade of total trade
Decreasing
Average Rate
5.8% ad valorem
Highest Rate
35% (applied by certain countries under specific quotas)
Lowest Rate
0% (under free trade agreements such as EU-ACP)
Rising demand for organic and fair-trade bananas
Increased market share for certified producers, higher prices for sustainable products
2021-2022
Impact of climate change on production
Erratic weather patterns leading to supply disruptions in key regions
2020-2022
Growth in Asian markets
Increased exports to China and India due to rising middle-class consumption
2019-2022
The European Union revised its tariff-rate quotas for banana imports from Latin America, reducing rates for certain countries under trade agreements.
January 2023
Expected to increase export volumes from Latin American countries, potentially lowering prices in the EU market.
A new strain of Fusarium wilt (TR4) has been reported in major banana-growing regions, threatening global supply.
Mid-2022
Potential reduction in supply from affected regions, driving up prices and accelerating research into resistant varieties.
A new bilateral agreement has facilitated increased banana exports from the Philippines to China with reduced tariffs.
April 2023
Boosts Philippine exports and strengthens market presence in Asia, potentially shifting trade dynamics.