FAO – Banana Market Review, 2023

The FAO Banana Market Review, prepared by the Team on Responsible Global Value Chains, provides annual updates on the global banana trade to members of the Sub-Group on Bananas. In 2023, global export volumes of bananas grew by 0.3%, a slight recovery from the decline seen in 2022. Key factors affecting trade included production shortages due to adverse weather, high fertilizer costs, plant diseases, and cases of illegal substances found in banana containers. These challenges led to difficulties in meeting quality standards and increased prices in import markets like the European Union and the United States. However, the sector's profitability improved in the second half of the year with lower input costs and higher unit values. The report highlights the importance of responsible value chains in agriculture and the need for developing countries to implement national policies to address challenges in the banana market. The full report is available on the FAO website.