The strength of the euro has assisted an uplift in dollar prices for Chiquita Brands International bananas in Europe, the marketer, producer and distributor reported in its regional prices and volume report for the first two months of the second quarter of 2004.
In its core European markets, which includes the 15 countries of the European Union prior to May 1, plus Norway and Switzerland, Chiquita's average banana prices rose four per cent on a US dollar basis in the period, compared to the same period a year ago, primarily due to a stronger euro. On a local currency basis, however, prices in those same markets fell five per cent year-on-year. The volume of bananas the company sold in its core European markets fell four per cent in the first two months of the quarter, compared with last year.
In the company’s trading markets of Eastern and Central Europe and the Mediterranean, the company's average banana prices rose 22 per cent on a US dollar basis from a year ago. Local banana prices in those countries rose 13 per cent from a year ago. Volume to those countries fell 26 per cent, primarily as a result of the extension of the banana quota system to the 10 new countries of the EU.
No comments yet