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Philippine banana growers plead for Japanese consumers to bear price hikes -Breaking

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© Reuters. One woman passes a man unloading bananas in a motorbike cab. The goods will then be transported to the nearby market. Manila, July 21 2015. REUTERS/Romeo Ranoco/File photo

TOKYO, Reuters – Wednesday’s appeal by the Philippines to Japan’s top export market for bananas was directed to Japanese consumers to demand higher import prices to offset rising production costs.

According to a report from the Philippines Embassy in Tokyo, prices of fuel and supplies have driven many farmers to bankruptcy. They pleaded with Japanese consumers for their help to ensure “sustainable bananas.”

Ambassador Jose C. Laurel V stated to reporters that maintaining the status quo would prove unrealistic and unfair for Philippine banana farmer.

Japanese trading and retail companies have had producers negotiate prices with them, but they told them to go public.

Robispierre Bolivar is second in command of the Philippine embassies.

Japan’s consumer prices are rising after years of deflation. The yen dropped to a 20 year low. Soaring energy costs, logistical problems, and increased yen volatility have all contributed to Japan’s consumer price surge.

Prices of food are the main focus. Breweries and snack producers have seen their first ever price increases in over a decade.

Teikoku Databank, a research firm, reported that Japan’s prices for more than 10,000 foods would increase in 2022.

According to United Nations trade data, Japan was the most important export destination for Philippine bananas, surpassing shipments from China in 2020.

The average Japanese household spends 4,387yen ($32.92), more than any other fruit. According to data from Japan’s agricultural ministry.

According to embassy officials, although prices of Philippine bananas were flat for seven consecutive years, current margins have become untenable due to an increase in production costs during the Ukraine crisis.

($1 = 133.2500 yen)

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