Chinese Buyers Suspends Orders for Philippine Bananas
Several Chinese buyers sent a notice to banana exporters that will stop buying Philippine bananas due to the effects of novel coronavirus to their economy.
Filipino banana exporters may soon feel the slowdown in China’s economy due to the effects of the 2019 novel coronavirus outbreak. Some Chinese buyers have already stopped ordering bananas from the Philippines.
Executive Director Stephen A. Antig of the Pilipino Banana Growers and Exporters Association explained that the cancellation of orders may result in an estimated loss of $5.5 million a week to the Philippine industry.
Antig said that Chinese importers did not indicate when they will resume ordering from the Filipino traders. Exporters who want to ship bananas to China were having a hard time to find a vessel that could transport their products.
The cancellation of orders rooted in the lockdown of several cities in China due to the rapid spread of the deadly virus that has infected thousands of people and killed 563 others.
“The big buyers from China have already sent notice to suppliers that they will either reduce or totally stop the purchase of bananas for a certain period of time. And they did not say how long this will be,” Antig said.
What can you say about the reduction of orders? Just leave your comments and suggestions for this article.
That is a big revenue loss however’ they are not the only market’s. It is not the only country eating Philippine Banana.
Don’t worry, the President said we could stand on our own.