The value of Filipino banana exports from January to May fell by 10.7 percent to $758.112 million, from $849.113 million recorded last year. The cause of this is the lower volume of shipments, according preliminary Philippine Statistics Authority (PSA) data.
The latest PSA data showed that the volume of banana exports during the five-month period declined by 2.63 percent to 1.81 million tons from 1.859 million tons recorded in the same period of 2019.
Banana shipments to China, the country’s top market in the past two years, posted the steepest decline at 26.8 percent as volume only reached 518,391 million tons compared to 708,182 million tons recorded in the January-to-May period of 2019.
Due to this, the value of banana exports to China declined 31.3 percent to $211.62 million from last year’s $307.903 million.