Philippine Banana Exporters Secure Deals for Hong Kong, New Zealand Shipments

Philippine banana exporters have signed contracts with companies in Hong Kong and New Zealand to supply Cardaba bananas (saba), the Department of Agriculture (DA) announced Wednesday. The contracts were inked during the Asia Fruit Logistica exhibition in Hong Kong, an event the Philippines rejoined after a decade-long absence. Philippine fruits showcased at the exhibition generated orders totaling $290.71 million, with durian securing $206.23 million, followed by Cavendish bananas at $11 million and Cardaba bananas at $3.08 million. Negotiated sales for dragon fruit and mangoes amounted to $1.02 million and $170,800, respectively. Agriculture officials expressed optimism that these export promotion efforts are yielding results, particularly in increasing farmer incomes for high-value commercial crops. However, they acknowledged that meeting the rising demand and maintaining the required quality for international markets presents a significant challenge. The DA plans to participate in an investment forum in Rome in October to pitch mangoes, seaweed, coffee, and cacao for export. The department highlighted that participation in Asia Fruit Logistica not only expands overseas markets for Philippine high-value exports but also fosters commercial partnerships and gathers crucial market intelligence. Agriculture Secretary Francisco P. Tiu Laurel, Jr. stated that opening more overseas markets is vital to address the country's annual agricultural trade deficit of approximately $11 billion, redirecting resources that could otherwise support agricultural investment. Deputy House Speaker Raymond Democrito C. Mendoza pledged support and assistance for the DA's agri-export initiatives. Information Source: BusinessWorld Economy