According to a report by the Food and Agriculture Organization of the United Nations, the Cavendish bananas produced by the Philippines remain the preferred choice among its Asian neighbors.
In its “Banana Market Review 2023,” FAO said the Philippines supplied some 60 percent of Asia’s requirement for Cavendish bananasThe country remains as one of the world’s largest exporters of the yellow fruit, despite losing its number two rank to Guatemala last year.
Although this forecast is favorable for the Philippine banana industry, the country may not be able to capitalize on export market opportunities unless it resolves the challenges faced by local producers. Efforts of the government to open up new markets are encouraging and the increase in the banana purchases of nontraditional buyers last year give exporters the hope that they will continue to earn more from the yellow fruit.
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