In 2023, Vietnam’s banana export market experienced significant growth. The total export value surpassed $300 million, with China being the largest market, accounting for over $270 million in the first 11 months. Despite this, there was a decline in demand towards the end of the year due to increased domestic supply in China and heightened competition from other countries like Laos, Cambodia, and the Philippines. As a result, banana exports to China dropped by nearly 40% at the beginning of 2024 compared to the same period in the previous year.
In terms of volume, Vietnam exported around 2.4 million tons of bananas to China in 2023, which was valued at approximately $1.2 billion. This made Vietnam the top supplier of bananas to China, surpassing the Philippines, which faced challenges such as lower production due to climate change and higher competition from Vietnam.
Overall, despite the fluctuations in demand and competition, Vietnam maintained a strong position in the global banana export market in 2023, with continued growth expected as market dynamics evolve in 2024.