How Much do Bananas Cost? (2022 Prices and US Import)
Bananas are really important fruits for the body and the price rate is worth looking at because there seems to be a demand for them. As much as the demand for bananas is important, it reflects in the price, and in this article, we shall discuss how much bananas cost?
The cost of bananas has gone up. Before 2019, the price of a kilogram of bananas was US$0.72 in 2017 and US$0.73 in 2018.
The export price decreased by -0.73599689 percent in 2019 to $0.73 per kilo.
Exports to Turkey, Barbados, Panama, Japan, and the Netherlands brought in high returns for US bananas per kilogram in 2019.
They categorized banana exports from the US as:
- Bananas, incl. plantains, fresh or dried (HS code 080300)
2. Fresh or dried bananas (excluding plantains) (HS code 080390)
3. Export values for US bananas
For the years 2016, 2017, 2018, and 2019, respectively, the total export values for bananas to the US were US$ 416,110, US$ 428,095, US$ 427,207, and US$ 431,279 in US dollars thousand.
In dollars per tonne, bananas cost US$ 725.65, 720.37, US$ 731.90, and US$ 726.52 in 2016, 2017, 2018, and 2019, respectively.
US Bananas Export Values
For the years 2016, 2017, 2018, and 2019, respectively, the total export values for bananas to the US were US$ 416,110, US$ 428,095, US$ 427,207, and US$ 431,279 in US dollars thousand.
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US Bananas Wholesale Price
US bananas are expected to cost between $0.73 and $0.73 per kilogram in 2022, or between $0.33 and $0.33 per pound (lb).
The cost is 0.73 euros per kilogram. A tonne typically costs US$ 726.52 in New York and Washington.
Banana import costs to the US in 2019 were $0.54 per kilogram.
U.S. Banana Import Prices by Country
Banana import costs in the United States reached their pinnacle in April 2022 at $494, and they anticipated growth to continue soon.
It climbed at an average monthly rate of +4.2 percent from January 2021 to April 2022.
The average import price climbed by 1.6 percent m-o-m in February 2022, which gave the pace of growth the appearance of being the fastest.
The big suppliers’ average prices differed somewhat from one another.
Colombia ($570 per tonne) and Costa Rica ($517 per tonne) had the highest prices in April 2022, while Ecuador ($449 per tonne) and Guatemala ($472 per tonne) had some of the lowest.
Costa Rica (+8.1%) witnessed the highest rate of price growth from January 2021 to April 2022, while the prices of the other main suppliers grew at more moderate rates.
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Imports into the U.S.
Banana export purchases fell by -12.3 percent to 375K tonnes in April 2022 after three months of growth.
Between January 2021 and April 2022, the overall import volume climbed at an average monthly rate of +1.2%; the trend pattern remained consistent, with some observable swings in select months.
With a month-to-month increase of 14%, March 2022 appears to have the fastest growth. The outcome was that imports peaked at 428K tonnes.
Between April 2022 and April 2022, the rise in imports stayed below a certain level.
Banana imports decreased in value to $186M in April 2022 (IndexBox estimates).
From January 2021 to April 2022, the total import value climbed at an average monthly rate of +5.5%; the trend pattern remained consistent, with only slight changes being noted.
The imports climbed by 16 percent over the prior month in March 2022, which was the month with the highest growth rate. Imports reached their peak of $209M.
The growth in imports stayed at a somewhat lower level from April 2022 to April 2022.
Imports by Country
With a 43 percent share of all imports in April 2022, Guatemala (162K tonnes) was the top exporter of bananas to the United States.
In addition, Guatemala imported three times as many bananas as the second-largest provider, Costa Rica (50K tonnes).
Honduras (48K tonnes), which held the third-place spot in this ranking with a 13 percent share, came in third.
The average monthly growth rate of volume from Guatemala from Jan. 2021 to Apr. 2022 was +35.1%.
The average monthly rates of import growth for the remaining providing nations were as follows: Honduras (+156.7 percent per month) and Costa Rica (-37.4 percent per month).
The United States’ main banana supplier in terms of value was Guatemala ($76M), which accounted for 41% of all imports.
With a 14 percent share of all imports, Costa Rica ($26M) held the second-place spot in the ranking. Honduras, with a 13 percent share, came in second.
The average monthly growth rate in terms of value from Guatemala from Jan. 2021 to Apr. 2022 was +39.5 percent.
The average monthly rates of import growth for the remaining providing nations were: Honduras (+176.4 percent per month) and Costa Rica (-32.3 percent per month).
Frequently Asked Questions
1. Are Bananas Expensive in Australia?
Figures forming part of the consumer price index that was released yesterday by the Australian Bureau of Statistics show a kilogram of bananas averaged $14.05 through the June quarter.
The next most expensive spot for bananas was Sydney and Adelaide at $13.12 while the cheapest was Darwin at $11.46.
2. How Much is a Kilo of Bananas in Australia?
In 2022, the approximate price range for Australia Bananas is between US$ 2.02 and US$ 1.63 per kilogram or between US$ 0.92 and US$ 0.74 per pound(lb).
The price in the Australian Dollar is AUD 2.61 per kg.
3. How Much do Bananas Cost?
In 2021, the retail price of one pound of bananas in the United States increased slightly compared to the year before and registered at 62 cents.
Prices have hovered around 58 cents for the past seven years.
4. How Much is a Bunch of Bananas?
One bunch contains approximately 5-7 bananas.
5. Where are Bananas Most Expensive?
However, there is a small percentage of bananas that are just a tad more expensive.
These bananas are all produced by a company called 946 Bananas in the town of Kushiro in Hokkaido Prefecture.
These fruits cost 1,080 yen apiece, some US$10.40.
6. Can I Buy Bananas in Australia?
They mostly sold bananas either through wholesale markets in Brisbane, Newcastle, Sydney, Melbourne, Adelaide, and Perth or direct to some of the major retailers around Australia.
7. Why are Bananas Cheap?
The robust transportation infrastructure has accomplished huge economies of scale, and that has helped to keep costs low for retailers.
But grocers themselves also need to keep bananas cheap for shoppers. Because they spoil so quickly, bananas have always been priced to sell. What doesn’t sell quickly rots?
8. Why are Bananas so Cheap at the Moment?
There are too many bananas around at the moment,” Mr. Pekin told news.com.au.
“We have a sustained oversupply and that means low prices for consumers, but it’s not great for farmers.
We often see a shortage in February and poor old consumers pay more, but the growers earn more money.”
9. Where do Woolworths Bananas Come From?
The tropical banana-growing regions of Northern Queensland, mainly around Tully and Innisfail, produce over 90% of Australia’s Bananas.
Other production areas are in the NT, WA in Carnarvon, Northern NSW, and Bundaberg in Southern Queensland.
10. How Much is a Banana in India?
The banana, commonly known as the poor man’s fruit in India, is among the most affordable and a dozen come for around Rs 40, with a kilo costing around Rs 60-65. An easy source of potassium, fitness enthusiasts highly preferred the fruit.
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