As of Friday, banana selling prices in St. Petersburg have settled between USD 10.80 and 11.40 per box CIF. Earlier in the week, prices averaged around USD 13.70 per box, with peak rates reaching USD 15.20 to 16.47 per box. These fluctuations are attributed to brand recognition, volume, quality, and packaging variations. Local market insights reveal a subdued demand for bananas, overshadowed by the abundance of local summer fruits currently in season and readily available in the market. Around 1.290 million boxes were discharged in week 32, and around 973.000 boxes are expected for week 33. The current exchange rate stands at 1 USD = 84.95 RUB. In the Mediterranean, banana selling prices have been observed to range from USD 17.0 to 20.0 per box CIF, influenced by factors such as brand reputation, quality, volume, and regional demand. Ecuadorean bananas have seen peak prices reaching up to USD 22.0 per box, reflecting their high demand and perceived quality.

The global centennial fruit and vegetable brand Dole originated in 1851 and has become one of the leading brands in the fruit industry with its quality control and brand history. Dole is a leader in the banana industry and has been operating bananas since 1899, and this year marks the 125th anniversary of Dole's bananas.

After launching the Dole Sweetio Pineapple Sorbet and Red Fuji Apple Sorbet with McDonald's in 2021 and 2022, Dole has joined hands with McDonald's again this year to launch the Dole Sweetio Banana McFlurry, leading the banana craze this summer in China.

Bobby Banana, the 7-foot healthy-eating mascot of the Dole Food Company, is the star of a ripe new exhibit at the National Mascot Hall of Fame in Whiting, Ind. The display is part of Dole's 125th Banana Versary, celebrating the produce leader's 125th year in the banana business, and continues through September 2024.

Banana prices in St. Petersburg experienced significant fluctuations due to weak demand. Sales were hindered by high temperatures in most regions of the Russian Federation and by large volumes of local summer fruit available at competitive prices. Most of the week, prices hovered around USD 15.0 per box CIF as average, ranging from USD 12.70 to USD 17.35 per box. However, at the lower end, prices briefly dipped to USD 11.50 per box CIF by Friday. These variations depend on factors such as brand, quantity, and packaging.

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.

Traditionally, banana prices in China tend to decline from June onward, especially after the Dragon Boat Festival, due to the influx of other seasonal fruits. However, this year, banana farm gate prices increased in June across major producing regions except for Hainan.

In a significant boost to Myanmar's agricultural sector, the country exported over 110,000 tons of tissue-cultured bananas to China in the first quarter of the fiscal year 2024-25. As reported by the state-run media, the Global New Light of Myanmar, this achievement was made possible through the dedicated efforts of Kachin state, located in northern Myanmar, which served as a crucial gateway for these exports.

The power cuts in Colombia are having a significant impact on banana production and transportation. Let's delve into the details: The Association of Banana Growers of Magdalena and La Guajira (Asbama) has raised concerns about the scheduled power cuts in the region from 7:00 p.m. to 1:00 a.m. Air-e, the utility company, announced these service interruptions due to a large debt accumulated by users in the area.

Ecuador emerges as the region's most indebted nation to China in the evolving landscape of Latin American trade. Despite its smaller economy compared to Brazil and Argentina, Ecuador's financial obligations to the Asian powerhouse are more substantial, according to the World Bank. This scenario underscores Ecuador's economic reliance on China and the latter's expanding influence in the region.

Colombian banana exports have experienced impressive growth during the first five months of 2024, with a 90% increase compared to the same period in the previous year. This surge has led to external sales reaching $530.7 million, significantly surpassing the $259.3 million recorded in 2023. In terms of volume, exports reached 1.06 million tons during the first half of the year, a substantial increase compared to the 525,528 tons exported in 2023.

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The Ecuadorian banana industry faces headwinds as export figures for June 2024 reveal a 1.04% decline compared to the same period in 2023. The Association of Banana Exporters of Ecuador (AEBE) reported that cumulative banana exports reached 188.99 million boxes, down by 1.99 million. Factors Behind the Decline: A significant reduction of 18.13% in exports to Russia accounts for 7.78 million fewer boxes. The Russian market remains challenging due to changing demand dynamics.

Banana selling prices in Russia were USD 15.10-17.45 per box CIF, occasionally extending to USD 18.60 per box. However, prices decreased due to weak demand for bananas caused by high temperatures and the availability of large volumes of local summer fruit in the market. In week 30, approximately 1.516 million boxes were discharged, and around 833,000 boxes are expected to arrive in week 31. The exchange rate was 1 USD=85.41 RUB. Regarding inflation, Russia faces a high year-on-year inflation rate of over 9%, while the government intended to reach a target of 4%. Initial plans to start easing monetary policy in the year's second half failed as the expected slowdown in inflation did not materialize. As price growth accelerated, the Central Bank's decision to hold the benchmark rate at 16% after its June meeting was not maintained, and rates were raised recently 200 points to 18%. Labour shortages and factors beyond the Central Bank's control have contributed to the situation. Additionally, on June 12, 2024, the U.S. introduced a new package of sanctions targeting Russia's financial, energy, and technological infrastructure. These secondary sanctions have disrupted Russia's financial operations, affecting payments, currency exchange rates, and interbank dynamics. So far, banana imports have not suffered. However, trade might be affected in the future in case of higher inflation or difficulty paying through international channels due to current problems.

The Free Trade Agreement (FTA) signed between Costa Rica and the United Arab Emirates marks an essential milestone in our country's trade relations with the Islamic world. Here are some key aspects: The deal could open the door to a market of 19 nations that make up the Arab League, with a total population of 446 million. The United Arab Emirates represents the second most prosperous economy in the region after Qatar.