Banana prices down in Russia
"We, the Russian importers, are greedy, we have imported more bananas than necessary, and supply now…"We, the Russian importers, are greedy, we have imported more bananas than necessary, and supply now exceeds demand”. According to Mikhail Slastenin, the representative of the Russian company Akhmed fruit, importer of fresh fruit and vegetables to Russia, the price of bananas in Russia fell. “On average consumers pay around 40/50 rubles per 1 kg of bananas in St. Petersburg. This price is below the purchase price". According to Mikhail, banana trade is not profitable because of oversupply. “Companies trade at a loss. This happens now all over the world; in some countries the situation is even worse. For example, many shipments of Ecuadorian bananas in the Mediterranean Region have greatly reduced prices. The increase in supply pulled market prices down”.
Russia is a big importer of bananas. Most bananas come from Ecuador. In the coming months, according to Michael, Russians will consume about 1.3/1.4 million boxes (19.4 kg per box= 25 000 000 kg / 27 000 000 kg) of bananas per week.
In summer and autumn when fresh local fruits and vegetables are available on the market, the demand for bananas is small, but it grows towards the New Year, as the seasonal fruit and veg gradually disappears. “As the very popular Moroccan mandarin arrives on the market, bananas will become surplus to requirement,” - says Mr. Slastenin. Traditionally high seasonal demand for bananas is January, February, March. During this period, customers are most likely to buy bananas as they are relatively cheap compared to other imported fruit such as apples and pears.
Despite growing demand towards winter, banana prices will relatively remain stable as there is no shortage of supply” – Mikhail is convinced.