Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Surge in Model Token Use to Send China’s AI Market Value Soaring, Industry Expert Says
LATEST
Surge in Model Token Use to Send China’s AI Market Value Soaring, Industry Expert Says
Chinese GPU-Maker Warns Stock Surge Won’t Last Forever
China to Require Real-Name Registration for All New Drones
JD.com’s Industrial Unit Slides in Hong Kong Trading Debut
ZTE Faces Renewed U.S. Scrutiny Over Alleged Venezuela Bribery
Chinese Chip Heavyweight Abandons Acquisition of Server Firm
Nvidia Welcomes U.S. Nod to Sell H200 AI Chips in China
Baidu Weighs Spinoff of AI Chip Unit for Independent Listing
Huawei’s Ren Downplays Chip Shortage, Touts AI for Industrial Value
China’s AI Chip Leaders Ride IPO Wave Amid Drive for Tech Self-Sufficiency
Tsing Micro Raises Over 2 Billion Yuan in State-Backed Round as China Ramps Up AI Chip Push
Synthetic Biology at Scale Could Reshape Food and Materials Systems, Expert Says
ByteDance in Talks With Smartphone Makers to Embed AI Assistant
Lenovo Executive Urges AI Startups to Take On Tech Giants
Infinigence AI Raises 500 Million Yuan to Expand Heterogeneous Computing Platform
Alibaba’s Quark Unit Launches AI Glasses Powered by Qianwen Model
Pony AI Plans to Triple Robotaxi Fleet to 3,000 by 2026 as Revenue Jumps
China’s Semiconductor Software Push Gains Traction Amid U.S. Curbs
Alibaba Scales Back Retail Spending, Dismisses AI Bubble Fears
Huawei Slashes Flagship Phone Price Amid Slowing Shipments
China Goes Bananas for Bananas

By Bloomberg / Jun 25, 2019 03:25 AM / Business & Tech

Photo: Bloomberg

Photo: Bloomberg

Chinese consumers are buying more bananas from abroad than ever before as an increasingly health-consciousness middle class helps propel the fruit’s popularity.

Imports of bananas surged to a record 227,199 tons in May, according to China’s general administration of customs. That helped lift total shipments of fruits and nuts to 720,000 tons, an almost eight-fold increase from the same period last year.

Restrained by limited farmland and a destructive banana fungus known as the Panama disease, China has been increasing its reliance on supplies from Southeast Asia and South America. Demand for bananas is being encouraged by rising incomes and the increasing popularity of diets in China, including for use in smoothies and as banana chips.

China overtook Japan as the biggest foreign market for bananas from the Philippines last year, according to Xinhua News Agency. The country procured more than two-thirds of exports from the Southeast Asian country in 2018 while also expanding supplies from other producers such as Mexico and Cambodia. China bought 1.54 million tons of bananas in 2018, a 50% surge from a year ago, customs data shows.

Fresh fruit prices reached a historic high in China last month, triggering concerns over accelerating inflation. Fruit and nut imports surged to a record in April amid rising local prices.

That momentum could subside in the summer as supplies increase, according to Lu Ting, chief China economist at Nomura Holdings Inc. in Hong Kong. Imports are likely to become the biggest factor in the direction of domestic prices, according to a Xinhua report in May, citing research from its think-tank unit.

Related: In Depth: Frost, Fever and Worms Sow Inflation in China’s Supermarkets

Share this article
Open WeChat and scan the QR code