Japan: Supply troubles affect banana prices
A combination of supply shortages and rising global demand are causing imported food prices to rise…A combination of supply shortages and rising global demand are causing imported food prices to rise in Japan, in spite of a stronger yen. Supply-side troubles have affected bananas in particular, with disease and drought ravaging plantations in the Philippines, driving up prices there.
Imports of Philippine-grown bananas, which account for around 90% of total Japanese imports of the fruit, fell 10% on the year to 394,287 tons. From January to June, Japan imported 72,984 tons of bananas grown in Ecuador -- 2.3 times the year-earlier amount.
The wholesale price at Tokyo's Ota Market came to 2,750 yen ($27.21) per 13kg carton in mid-August, up 6% from the same time last year. Prices of Philippine-grown bananas at that market have climbed 60% over five years.