Vietnam: Banana Market 2024

Banana Market Size in Vietnam

The Vietnamese banana market fell to $X in 2022, reducing by X% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Banana consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Banana Production in Vietnam

In value terms, banana production reduced to $X in 2022 estimated in export price. In general, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

In 2022, the average yield of bananas in Vietnam dropped modestly to X tons per ha, approximately mirroring the previous year's figure. Over the period under review, the yield, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, the yield reached the peak level of X tons per ha, and then shrank in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The banana harvested area in Vietnam fell slightly to X ha in 2022, flattening at 2021. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the harvested area increased by X% against the previous year. The banana harvested area peaked at X ha in 2021, and then fell in the following year.

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Banana Exports

Exports from Vietnam

For the fifth consecutive year, Vietnam recorded growth in overseas shipments of bananas, which increased by X% to X tons in 2022. In general, exports saw significant growth. The pace of growth was the most pronounced in 2016 with an increase of X%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, banana exports surged to $X in 2022. Over the period under review, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2016 when exports increased by X%. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

China (X tons) was the main destination for banana exports from Vietnam, accounting for a X% share of total exports. Moreover, banana exports to China exceeded the volume sent to the second major destination, South Korea (X tons), more than tenfold. The third position in this ranking was held by Japan (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and Japan (X% per year).

In value terms, China ($X) remains the key foreign market for bananas exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and Japan (X% per year).

Export Prices by Country

The average banana export price stood at $X per ton in 2022, rising by X% against the previous year. Overall, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, banana export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Russia ($X per ton) and Japan ($X per ton), while the average price for exports to China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into Vietnam

In 2022, overseas purchases of bananas decreased by X% to X tons, falling for the third year in a row after three years of growth. Over the period under review, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, banana imports dropped markedly to $X in 2022. In general, imports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Lao People's Democratic Republic (X tons) constituted the largest supplier of banana to Vietnam, with a X% share of total imports. Moreover, banana imports from Lao People's Democratic Republic exceeded the figures recorded by the second-largest supplier, Cambodia (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lao People's Democratic Republic stood at X%.

In value terms, Lao People's Democratic Republic ($X) constituted the largest supplier of bananas to Vietnam, comprising X% of total imports. The second position in the ranking was held by Cambodia ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Lao People's Democratic Republic stood at X%.

Import Prices by Country

The average banana import price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the price for Cambodia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (X%).

Source: IndexBox Platform

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