Sri Lanka: Banana Market 2024

Banana Market Size in Sri Lanka

The Sri Lankan banana market expanded notably to $X in 2022, with an increase of 5.8% against the previous year. Over the period under review, consumption saw a prominent expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Banana Production in Sri Lanka

In value terms, banana production rose significantly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a buoyant expansion. The growth pace was the most rapid in 2020 when the production volume increased by 22%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

In 2022, the average banana yield in Sri Lanka stood at less than X kg per ha, approximately reflecting the previous year's figure. Over the period under review, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The banana harvested area in Sri Lanka amounted to less than X ha in 2022, approximately mirroring the year before. In general, the harvested area showed a relatively flat trend pattern.

Banana Exports

Exports from Sri Lanka

Banana exports from Sri Lanka dropped significantly to X tons in 2022, falling by -81.8% compared with 2021 figures. In general, exports continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2013 with an increase of 180%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, banana exports reduced dramatically to $X in 2022. Over the period under review, exports showed a abrupt slump. The growth pace was the most rapid in 2013 with an increase of 187% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for banana exports from Sri Lanka, with a 38% share of total exports. Moreover, banana exports to the United Arab Emirates exceeded the volume sent to the second major destination, Germany (X tons), threefold. The Netherlands (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+24.1% per year) and the Netherlands (+31.3% per year).

In value terms, Germany ($X), the Netherlands ($X) and the UK ($X) were the largest markets for banana exported from Sri Lanka worldwide, together accounting for 52% of total exports.

The Netherlands, with a CAGR of +47.6%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average banana export price amounted to $X per ton, with a decrease of -3.5% against the previous year. In general, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, banana export price increased by +53.1% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 49% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then contracted slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to the United Arab Emirates ($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 the Netherlands (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into Sri Lanka

In 2022, imports of bananas into Sri Lanka reduced dramatically to X kg, with a decrease of -95.1% against 2021 figures. In general, imports recorded a abrupt descent. The pace of growth was the most pronounced in 2015 with an increase of 453% against the previous year. As a result, imports reached the peak of X kg. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, banana imports contracted to $X in 2022. Over the period under review, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 387%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, India (X kg) constituted the largest banana supplier to Sri Lanka, accounting for a 80% share of total imports. Moreover, banana imports from India exceeded the figures recorded by the second-largest supplier, Spain (X kg), fourfold.

From 2012 to 2022, the average annual growth rate of volume from India stood at -15.3%.

In value terms, Spain ($X) constituted the largest supplier of bananas to Sri Lanka, comprising 92% of total imports. The second position in the ranking was held by India ($X), with an 8.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain was relatively modest.

Import Prices by Country

The average banana import price stood at $X per ton in 2022, with an increase of 1,691% against the previous year. Overall, the import price recorded a significant expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for India amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+0.5%).

Source: IndexBox Platform

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