FILIPINO banana growers are urged to invest more in the Chinese market this year with the growing demand for Philippine cavendish banana.
Henry Chan, business representative of the Joy Wing Mau Group, a Chinese agricultural company, said China’s growing population of over 1.4 billion people in 2018 is a good market to invest in by the country's banana industry players.
Data from the company showed that China consumed 14.82 million metric tons (MT) of banana in 2017 making China among the top banana consuming countries in world.
China also imported 952 million tons of banana from January to August 2018. By the end of 2018 a total of around 1.2 million tons of banana were imported by China from the Philippines.
Chan also said 2019 is the best time to invest for the Philippine banana industry because of the lower banana price per kilogram (kg) in China. Last year, banana was recorded at $0.56 per kg which is lower compared in 2017 at $0.66 per kg.
Meanwhile, Philippine Banana Growers Export Association (PBGEA) Stephen Antig said in a statement that investing into the Chinese market is also a good way in improving the banana industry in Mindanao.