The Mintec price of Costa Rican pineapples rose by 14% to CRC 667/kg in the 12 weeks to 7th April. The price rise can be attributable to robust exports, following the gradual re-opening of the global economy, amid easing lockdown restrictions. Costa Rican pineapple exports rose by 9% in January and February 2021 respectively, compared to the same period in the previous year.
Costa Rica, the world’s largest pineapple exporter, primarily exports to North America and Europe, but has been shipping noteworthy pineapple volumes to China in recent years. Reports suggest that Costa Rican exports to China have risen over the last few months, with more recent trade supported by the recent Chinese ban on Taiwanese pineapples, which took effect on the 1st March 2021.
China banned Taiwanese pineapples because of issues regarding pests. Following the ban on the 1st March, the Mintec price of Chinese pineapples rose by CNY 0.8/kg to 6 CNY/kg on the 8th March. Over 97% of all Taiwanese pineapples are intended for the Chinese market. The ban has affected key Chinese markets such as Guangdong and Hainan, which have experienced sharp price increases.
Costa Rica is able to produce pineapples all year round and this may have been the key reason for China`s recent import increase. Cost Rican pineapples compete with Panama, the Philippines, Malaysia, and Thailand for Chinese market share. Considering the geographical distance between China and Costa Rica, the recent price increase due to Chinese demand, is expected to be short-lived, since China, is projected to import from countries geographically closer.