China: Banana price hit by oversupply
The overall banana price showed a downward trend last week. The main reason for this development is as follows: production areas brought their harvest to the market at the same time in bulk. The banana volume in the market therefore suddenly increased. The main banana supply currently comes from Myanmar, Laos, and Yunnan. Myanmar and Laos are large banana producing countries. When they bring their harvest to the market in bulk, then the storage volume of bananas is large, and the price naturally comes down; furthermore, in the summer people prefer to buy seasonal summer fruits rather than bananas. When peaches, watermelons, and muskmelons enter the market in large volumes, then bananas lose the competition and their price comes down.
Another reason for the banana price decrease is the increased temperature. The hot weather makes it difficult to store bananas, as bananas require colder temperatures for storage. This is particularly true for bananas that are already ripe. If the bananas are kept in storage for too long, then the peel will develop black spots. The price naturally decreases as product quality degrades.
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