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Banana minimum Fairtrade prices for 2024

Published on 16/10/2023 - Published by Market News Service / FruiTrop
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Product(s) : Banana
Rubrique / Thématique : Direct from the markets
Keywords : Price

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The Fairtrade standards committee has approved the new minimum Fairtrade prices for 2024, applicable to contracts with growers delivering to the packing station, or the FOB stage. Unlike 2023 when minimum prices registered a fairly clear increase, of up to + 11 % from 2022 depending on the origins, the rise for 2024 seems to be more moderate, ranging from 0% to + 4 % at the field side stage, and fluctuating between - 1 and - 5 % at the FOB stage, depending on the origins. More information is available on the Fairtrade site: https://www.fairtrade.net/standard/minimum-price-info

In addition to this there will be a development premium ($1/box), paid on top of the minimum Fairtrade price, often used for collective investment in education, health and agricultural improvements to increase grower revenue.

The publication of these prices comes at an important point in the annual banana contract renegotiation process, with retailers such as Aldi committed since 2023 to using the cost differential calculated annually by Fairtrade for calculating the price of their own contracts. This differential factors in the evolution of prices of the main inputs and services, which explain 80 % of the cost of the banana at the export stage.