Banana Market Overview in the Philippines
In value terms, banana production stood at $5.8B in 2010 estimated in export prices. In general, the total output indicated a buoyant increase from 2007 to 2010: its value increased at an average annual rate of +6.7% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2010 figures, banana production increased by +46.7% against 2007 indices. The most prominent rate of growth was recorded in 2008 when production volume increased by 38% year-to-year. Banana production peaked at $6.1B in 2009, and then declined slightly in the following year.
Average yield of bananas in the Philippines stood at 20 tonne per ha in 2010, approximately reflecting the previous year. The yield figure increased at an average annual rate of +5.7% over the period from 2007 to 2010; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2008 with an increase of 16% against the previous year. Over the period under review, the average banana yield reached its maximum level in 2010 and is expected to retain its growth in the near future. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In 2010, the total area harvested in terms of bananas production in the Philippines amounted to 449K ha, leveling off at the previous year. In general, the banana harvested area continues to indicate a modest expansion. The most prominent rate of growth was recorded in 2009 when harvested area increased by 1.8% against the previous year. Banana harvested area peaked in 2010 and is likely to continue its growth in the immediate term.