Lithuania: Banana Market 2024

Banana Market Size in Lithuania

In 2022, the Lithuanian banana market decreased by -4.8% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +20.4% against 2019 indices. Over the period under review, the market hit record highs at $X in 2021, and then contracted in the following year.

Banana Exports

Exports from Lithuania

In 2022, approx. X tons of bananas were exported from Lithuania; declining by -18.7% on 2021 figures. Over the period under review, exports, however, enjoyed a modest expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 64% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, banana exports contracted to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 35%. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Latvia (X tons) was the main destination for banana exports from Lithuania, with a 95% share of total exports. It was followed by Poland (X tons), with a 2.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Latvia totaled +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (-11.5% per year) and Estonia (-24.0% per year).

In value terms, Latvia ($X) remains the key foreign market for bananas exports from Lithuania, comprising 95% of total exports. The second position in the ranking was held by Poland ($X), with a 2.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Latvia amounted to +6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (-13.9% per year) and Estonia (-23.1% per year).

Export Prices by Country

In 2022, the average banana export price amounted to $X per ton, surging by 10% against the previous year. In general, the export price, however, saw a slight curtailment. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Estonia ($X per ton), while the average price for exports to Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+1.2%), while the prices for the other major destinations experienced a decline.

Banana Imports

Imports into Lithuania

Banana imports into Lithuania declined significantly to X tons in 2022, waning by -16.4% against the year before. In general, total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -5.9% against 2019 indices. The growth pace was the most rapid in 2015 when imports increased by 24% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, banana imports reduced slightly to $X in 2022. The total import value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 15%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ecuador (X tons) constituted the largest banana supplier to Lithuania, with a 58% share of total imports. Moreover, banana imports from Ecuador exceeded the figures recorded by the second-largest supplier, Latvia (X tons), twofold. France (X tons) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume from Ecuador amounted to +25.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Latvia (+15.2% per year) and France (-8.5% per year).

In value terms, Ecuador ($X) constituted the largest supplier of bananas to Lithuania, comprising 54% of total imports. The second position in the ranking was held by Latvia ($X), with a 26% share of total imports. It was followed by France, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Ecuador totaled +27.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Latvia (+14.6% per year) and France (-10.9% per year).

Import Prices by Country

In 2022, the average banana import price amounted to $X per ton, increasing by 15% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform