From 2013 to 2023, the export of bananas from the Philippines to China exhibited significant fluctuations. In 2013, exports stood at 148.07 million USD, growing sharply by 60.79% year-on-year. This trend continued with substantial increases until 2018, peaking at 539.39 million USD, a 101.72% year-on-year growth. The following years saw slight fluctuations but continued on an upward trajectory, reaching 991.13 million USD in 2023, with an 18.64% increase year-on-year.
Year-on-year and Compound Annual Growth Rate (CAGR) analysis shows:
- 2014: 78.1% YoY, 79.1% CAGR
- 2015: -58.61% YoY, 26.95% CAGR
- 2016: 32.63% YoY, 13.98% CAGR
- 2017: 84.7% YoY, 23.76% CAGR
- 2018: 101.72% YoY, 29.51% CAGR
- 2019: 23.62% YoY, 20.39% CAGR
- 2020: -27.51% YoY, 34.66% CAGR
- 2021: 38.44% YoY, 35.82% CAGR
- 2022: 24.84% YoY, 25.59% CAGR
- 2023: 18.64% YoY, 12.94% CAGR
Looking ahead, the forecast from 2024 to 2028 suggests a steady increase in banana exports, with values expected to rise to 1510.6 million USD by 2028. The projected 5-year CAGR stands at 6.61%, indicating a moderate but consistent growth rate.
Future trends to watch for include potential fluctuations due to climatic changes, international trade policies, and evolving demand in the Chinese market. Close monitoring of these factors will be essential for accurate future projections.