The government of Iran has reportedly given assurances that it will not cancel its banana contract with the Philippines', amid reports that the Middle Eastern country has begun to lift its ban on all banana imports.
According to one industry insider, Iran-based customers began placing orders for bananas again last week, although a certain proportion was expected to be re-exported to other markets.
In a statement, Iranian Minister of Commerce Mahdi Ghazanfari denied the Philippines' contract would be cancelled, adding that there was 'no reason' to cancel any existing import or export agreements.
The news will be welcomed by Philippine banana exporters, who send around one million boxes (13.5kg) a week to Iran.
As much as 20 per cent of the Asian country's annual banana volumes are shipped to the Islamic Republic, earning the industry an estimated US$170m in sales.
Iran is the Philippines' fourth-biggest export market for bananas, after Japan, China and South Korea.
