South Korea has emerged as the fastest-growing market for Ecuadorian bananas in the first half of 2024, importing over 1.6 million more boxes than in 2023. This surge is reflected in the latest data from the Association of Marketing and Export of Bananas of Ecuador (Acorbanec), which shows a 271% increase in South Korean imports of Ecuadorian bananas from January to June.

South Korea now ranks among the top 20 destinations for Ecuadorian fruit.

The significant increase in exports to South Korea can be attributed to two key factors. First, the South Korean government eliminated tariffs on 28 fruits and vegetables, including Ecuadorian bananas, for six months, starting in January. Second, production issues in the Philippines, South Korea's leading supplier, decreased supply.

Richard Salazar, executive director of Acorbanec, believes that the zero-tariff policy will likely be extended to the year's second half. He emphasizes the importance of this policy in boosting demand for Ecuadorian bananas despite the absence of a formal trade agreement between the two countries.