According to the Food and Agriculture Organization of the United Nations (FAO), Fusarium Wilt Tropical Race 4 disease spread across local plantations and logistics challenges limited the Philippines' banana shipments last year. Monthly export data indicate that these difficulties mainly hampered shipments from the Philippines during the first nine months, notably to Japan and China, the two critical destinations for bananas from the Philippines.

Net imports by China declined by 2.3 per cent to just below 1.8 million metric tons (MMT) in 2023 due to lower global supplies. Imports into China were hindered by supply shortages experienced in the Philippines and Cambodia, where China procured some 50 per cent of banana imports in recent years. Chinese imports of Filipino bananas dropped by 9 per cent year-on-year over the first ten months of 2023, which could not be offset by higher shipments during the remainder of the year.

Japan's net imports fell by 2 percent last year to about 1 MMT. While demand for bananas in the country remained relatively stable, import quantities were reduced by the production shortages experienced in the Philippines, from where Japan typically sources some 75 to 80 per cent of its banana imports.

Despite these challenges, the Philippines remained the leading exporter from Asia, supplying 60 per cent of the region's banana shipments on average. Banana shipments from the Philippines rose 3.4 per cent in 2023 to 2.3 MMT. The country also developed other markets outside of East Asia, with exports to emerging destinations like the Islamic Republic of Iran and Saudi Arabia expanding by 60 per cent and 12 per cent in quantity terms, respectively.

Full-year estimates indicate that global exports of bananas, excluding plantain, experienced moderate growth of 0.3 per cent in quantity terms in 2023, marking a more upbeat performance than the 6 per cent decrease experienced in 2022. Total export quantities reached some 19.3 MMT in 2023.