Economy

CDC records increase in banana export.

by Edmond
15 Feb 2024 21:11
1333 views

Cameroon bananas ready for export

As normalcy gradually returns to the Cameroon Development Corporation, CDC, one of the nation’s front line export commodities producers, records are already showing positive signs.
According to ASSOBACAM, the association that groups all banana producers in the country, the light in the tunnel is most noticeable in the banana export sector.

In its most recent production published this week, ASSOBACAM stated that Cameroon’s banana exports reached an all-time high in January 2024.

The association attributed the development to the gradual reentry of CDC that has, since the escalation of the crisis in the North West and South West regions, not been able to contribute its maximum quota to exports.

Asserting that the three major exporters, the CDC, Plantations du haut Penja, PHP, and Boh Plantations Plc, all recorded significant increases. “All three main producers contributed to this outstanding sector performance,” the report stated.

In terms of statistics, the report further asserted that banana exports reached 22,721 tons in January 2024, marking a substantial 25.5% increase from the 18,101 tons shipped to the global market in January 2023.

In detail, Plantations du haut Penja, which is a subsidiary of Compagnie fruitière de Marseille, exported 16,875 tons of bananas in the first month of 2024, up 17.9% from the 14,314 tons shipped in January 2023. State-owned CDC came second with 3,347 tons of bananas, up 29% (+755 tons) year-on-year.

With this volume, CDC achieved its best performance since 2023, surpassing the 3,302 tons recorded in December 2023, the report stated.

The third sector player, Boh Plantations Plc, experienced a substantial 30% year on year growth in its banana exports in January 2024. The company exported 1,553 tons of bananas in January 2023, up from 1,195 tons the previous year.

ASSOBACAM further reported that even the newcomer Compagnie des bananes de Mondoni, CDBM, which entered the market in June 2023, continued to gain momentum in January 2024, reaching 946 tons.

This follows a record volume of 896 tons exported by the company in December 2023. The capital of this fourth-largest producer is also held by the French company Compagnie fruitière de Marseille.

Primarily sold in European Union countries, bananas are a significant part of Cameroon's top 10 non-oil exports. To maximize revenue from this export product, the country aims to increase annual national production to 500,000 tons by 2030, as outlined in the Strategic National Development Plan, SND 20-30, compared to the current 210,000 to 240,000 tons.