The Philippines’ banana sector believes China’s expanding middle class can provide a market for its premium produce in the next five years.
Pilipino Banana Growers and Exporters Association (PBGEA) president Alexander N Valoria told website the BusinessWorld online China has the potential to become a significant market for Class A bananas from the Philippines.
'As the spending power of (China’s consumers) increases and as appreciation of better products comes about, China will eventually graduate into a Class A market,” he said.
Japan is currently the main market for Class A Filipino bananas, and sources 95 per cent of its high-end product from that country, reported the website. It also takes around 65 per cent of total banana exports from the Philippines.
China currently takes around 10 per cent of the Philippines’ total banana exports, which are worth around US$720m annually.
