Bananas market in Venezuela

Earlier Report Observations

Venezuelan banana production contracted sharply in 2019, falling by 20% to 508.6 thousand tons. This decline was driven by higher production costs and unfavorable weather in the key producing region of South Lake Maracaibo, alongside expansionary macroeconomic policies that increased domestic inflation and hurt export competitiveness.

Output gradually recovered over the following years, reaching 547.2 thousand tons in 2023. The market remained almost entirely supplied by domestic output, with imports and exports negligible throughout the period. State-owned and private companies operated across the production, processing, and distribution stages, while technological improvements in cultivation helped offset some of the ongoing challenges. Despite persistent climatic and economic headwinds, banana consumption proved resilient due to its staple role in the Venezuelan diet, providing energy and essential micronutrients.

Production bananas in Venezuela

In kind, 2017-2020, K t

Top producers of bananas, 2017-2020

World map of production of bananas, 2017-2020

In 2019, Venezuela's banana production reached its lowest point at 508.6 thousand tons, before rebounding to 527.9 thousand tons in 2020, marking a 3.8% year-over-year increase. Over the 2017-2020 period, production declined by 4.3%, with an average annual decrease of 1.4%. The peak production occurred in 2018 at 637.0 thousand tons, which represented a 15.5% increase from the previous year. The most significant drop was recorded in 2019, when production fell by 20.2%.

Annual dynamics of production in Venezuela in kind, 2017-2020, K t

Exports bananas from Venezuela

Exports in kind, t

Venezuela's banana exports continued their downward trend for the third consecutive year. In 2020, exports totaled just 2.2 tons, a dramatic 97.6% decrease compared to the previous year. Over the 2017-2020 period, exports plummeted by 99.8%, with an average annual decline of 86.9%.

Annual dynamics of product's exports from Venezuela in kind, 2017-2020, t

From 2017 to 2020, Venezuela's banana exports were heavily concentrated in one market, with Curaçao accounting for 94.7% of total export volumes.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Venezuela in kind, 2017-2020

Exports in value, K $ US

The export value of bananas from Venezuela showed significant volatility during this period. In 2020, export revenues dropped to 8.7 thousand US dollars, a 92.7% decrease from the previous year. The peak occurred in 2018 at 561.2 thousand US dollars, which represented a 15.2% increase from 2017. The lowest point was reached in 2020, creating a 64-fold difference between the highest and lowest values.

Annual dynamics of product's exports from Venezuela in value, 2017-2020, K $ US

Between 2017 and 2020, Curaçao remained the dominant buyer of Venezuelan bananas, accounting for 94.5% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Venezuela in value, 2017-2020

Imports bananas to Venezuela

Imports in kind, t

Venezuela's banana imports experienced substantial fluctuations from 2017 to 2020. Imports reached their lowest point in 2019 at 0.0 tons, representing a complete 100.0% decline from the previous year. The peak occurred in 2018 at 120.7 tons, which marked an extraordinary 754,262.5% increase from 2017. The difference between the highest and lowest import volumes was 12,070-fold.

Annual dynamics of product's imports to Venezuela in kind, 2017-2020, t

From 2017 to 2020, Costa Rica was essentially the sole supplier of bananas to Venezuela, accounting for 100.0% of total import volumes.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Venezuela in kind, 2017-2020

Imports in value, K $ US

The value of banana imports into Venezuela showed considerable volatility during these years. Import spending reached its minimum in 2017 before climbing to a peak of 49.0 thousand US dollars in 2018, representing a remarkable 42,402.2% increase. In 2019, import value stood at just 0.1 thousand US dollars, a sharp 99.8% decline from the previous year. The difference between the highest and lowest values was 425-fold.

Annual dynamics of product's imports to Venezuela in value, 2017-2020, K $ US

Throughout the 2017-2020 period, Costa Rica maintained its position as the dominant source of banana imports to Venezuela, accounting for 99.5% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Venezuela in value, 2017-2020