(Photo from AFP)
By Amy R. Remo
Inquirer
MANILA, Philippines–The local banana industry is poised to take advantage of the projected growth in world banana exports, estimated to reach 15 million metric tons by 2010, according to the Department of Agriculture’s Strategic Plan for bananas.
Banana exports already reached 12.94 million MT in 2004.
The DA said it believes that prospects for banana, which has been a consistent top dollar earner, remains promising, both for the domestic and foreign markets.
Huge investment opportunities can still be seen in the exports of Cavendish and fresh and processed bananas, as well as in the production of banana chips and puree, it added.
The DA said it had mapped out strategies to ensure that the local banana industry can capture a bigger share of the export market.
In general, the DA targets to increase production and exports of banana chip and Cavendish bananas and develop more export markets.
Through its trade and selling missions and strong product promotions, the DA hopes to penetrate new markets in Europe.
At the same time, it expects to increase exports to existing markets such as Australia, United States, Taiwan, China, South Korea and Middle East.
Trade negotiations with Australia and New Zealand for the export of Philippine bananas will also be pursued.
Based on the DA report, the Philippines still ranks a far second from Ecuador in terms of world net exports.
Other leading banana producers include India, Brazil, China, Indonesia, Costa Rica and Mexico.
Last year, the country’s banana exports reached 1.905 million MT worth $440 million, while Ecuador exported some 4.65 million MT.
Ecuador accounts for 34 percent of the world export market while the Philippines’ shares is only 16 percent, the DA said in its report.
