The average wholesale banana prices in Uzbekistan have decreased by 18% over the past two weeks and the current levels are the lowest if compared to the same dates in 2021 and 2020, EastFruit analysts say.
According to EastFruit price monitoring, the average wholesale prices for bananas decreased from 17 000 to 14 000 UZS/kg (from $1.6 to 1.3) from January 7 to January 21, 2022, i.e. by 18%. Moreover, the current levels of wholesale prices are much lower compared to those on the same date in previous years. As of January 21, 2022, the average wholesale banana prices in Uzbekistan are 22% lower than on the same date in 2021 and 13% lower than in 2020.
The main factor in such dynamics of banana prices in Uzbekistan is the elimination of customs duties on their imports. We remind you that in October 2021, the government of the country decided to stimulate the imports of a number of fruits, exempting them from import duties. Banana was also included in the list. As a result, the reduction in import duties allowed the country’s consumers to buy this product not grown in Uzbekistan at a much lower price.
The government decision served as an additional incentive for the growth of banana consumption in Uzbekistan in the last months of 2021 and early 2022, since import statistics showed a solid increase in banana imports to Uzbekistan even before October 2021. In January-October 2021, Uzbekistan imported 58.6 thousand tonnes of bananas, which is 60% more than in total in 2020 and exceeded imports in 2019 by 37%. EastFruit analysts identified three reasons for such a solid increase in banana consumption in Uzbekistan in 2021.
The sharp increase in banana consumption in Uzbekistan was also noted by EastFruit experts as one of the TOP-10 main fruit and vegetable events of 2021.
According to preliminary estimates by EastFruit analysts, the upward trend in banana consumption in Uzbekistan continued in the first half of January this year. From January 1 to January 17, 2022, the volume of banana imports amounted to 7.3 thousand tonnes, which is 18% more than for in total in January 2021 and almost 2 times more than in January 2020.
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