According to Eurostat’s figures, the EU's imports of bananas during the opening 11 months of last year reached 7.7 million tonnes with a value of EUR5.26 billion, representing an increase of 3% in volume and 1.3% in value compared to the same period from 2019. However, the EU’s average import price saw an annual fall of 1.6% to EUR683 per tonne.
Despite making up a modest share in the export proportion of bananas in the EU market, the export price of Vietnamese bananas skyrocketed throughout the reviewed period at an average of EUR3,192.9 per tonne, representing a rise of 16.4% against the same period from 2019, far higher than other importers such as Ecuador, Colombia, and Costa Rica.
Although export prices have witnessed an upturn, the export volume of Vietnamese bananas to the EU market suffered a decline of 26.7% to only 14 tonnes compared to the same period from the year before.
By recording such a small export volume, the country ranked only 55th among dominant suppliers of fresh bananas to the EU.
Experts believe that there remains plenty of room for the export of Vietnamese bananas to the EU to grow in the time ahead due to the items being a popular fruit among EU consumers and typically imported into the market at a huge volume each year.
In addition, the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA) in August 2020 is poised to offer a wealth of opportunities for Vietnamese businesses to increase the export of their fruits, including banana, to the EU market.