The Banana “Spot” Market Increases

Four weeks ago bananas crate price began to improve.

This happens because sale in the “spot” market is getting agreements without prior contract between producers and exporters.

Richard Salazar, director of Banana Unit, Ministry of Agriculture, Livestock and Fisheries (MAGAP) indicated that the crate of fruit is getting sold from $ 8 to $ 11, above the official $ 5,40.

The rise is due to competing countries like Colombia and Costa Rica that are being affected by the winter and can not meet the demand of the fruit, are leaving more market for Ecuador.

Those prices are expected to continue until next April.

On Monday the undersecretary ship of Agriculture will held a meeting with producers and exporters to discuss the regulations that will order, after the Official Gazette of the Production Code get published, which records the changes of Banana’s law.