Banana monthly review: October 2022

In October, the overall supply was once again in shortfall, despite seasonal increases from various origins. Colombia’s shipments peak was scaled down by the production fall due to the poor climate conditions over recent months (high rainfall), to around 15 % below average. The African supply also rose, across all origins, albeit remaining slightly below average (- 5 %), though this is a similar level to October 2021. The main supplier to the European market, Ecuador, remained in shortfall, at particularly low levels. First of all, it registered a significant fall in productivity because of unfavourable weather, and there was a lack of fertilisation due directly to increased costs. As a direct consequence of this banana shortage: FOB prices soared, reaching record levels, thereby limiting shiploads to Europe. Finally, shipments from the French West Indies remained stable overall, at slightly above-average levels. Regarding prices, the record levels reached at the end of September slightly impeded sales on the spot market. Hence prices dropped slightly, albeit maintaining levels 40 % above average and +32 % on 2021.