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Bananas resist economic crisis
Bananas are withstanding the impact of the global economic crisis more than most agricultural commodities, according to a new report issued by the United Nations Food and Agricultural Organization (FAO).
Bananas resist economic crisis
It seems that most consumers deem the fruit to be a necessity, and so it is less sensitive to changes in income and price.
FAO reports that banana imports will decrease slightly to just under 14 million tons this year. That's about 3 per cent less than in 2007.
While imports have dropped off in developed countries, developing nations are recording an increased demand for the fruit, largely driven by China. FAO predicts that if the recession bottoms out by the end of this year, the demand for bananas will surge by about 8 per cent.
FAO notes that with the steady increase in populations and income, and growing awareness about the positive nutritional value of fruit, global banana and tropical fruit consumption is likely to continue its upward trend in the next few decades.
Trade in bananas and tropical fruit accounts for nearly 40 per cent of the global fruit market.
The report will be presented to a meeting of global fruit experts in Rome later this week.
Another FAO report to be launched at the same meeting will call for more resources to map banana and plantain diseases, which the agency warns could cause over $4 billion worth of damage by 2010, hurting smallholders' incomes the most.
Diane Bailey, UN Radio.
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