Banana Market Overview in the Philippines
In value terms, banana production reached $ in 2018 estimated in export prices. In general, the total production indicated mild growth from 2007 to 2018: its value decreased at an average annual rate of -% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, production decreased by -% against 2016 indices. The most prominent rate of growth was recorded in 2008 with an increase of % y-o-y. Over the period under review, production reached the peak level at $ in 2012; however, from 2013 to 2018, production remained at a lower figure.
In 2018, the average yield of bananas in the Philippines contracted to tonnes per ha, declining by -% on 2017 figures. In general, the yield showed a pronounced decline. The pace of growth appeared the most rapid in 2008 when the yield increased by % y-o-y. Over the period under review, the average banana yield hit record highs at tonnes per ha in 2011; however, from 2012 to 2018, the yield failed to regain the momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In 2018, approx. ha of bananas were harvested in the Philippines; surging by % on the previous year's figure. Overall, the harvested area showed a relatively flat trend pattern. As a result, the harvested area attained the peak level and is likely to continue growth in the immediate term.
The value of the banana market in the Philippines dropped to $ in 2018, reducing by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a mild contraction. The pace of growth appeared the most rapid in 2008 when the market value increased by % y-o-y. Over the period under review, the market attained the peak level at $ in 2012; however, from 2013 to 2018, consumption stood at a somewhat lower figure.