Philippines asks Japanese retailers to raise banana prices

Jun 09 (Nikkei) - The Philippines is seeking to raise its banana prices in its largest export market, Japan, as rising production and logistics costs weigh on the Southeast Asian country's farmers.

In a rare move, the Philippine embassy in Tokyo on Wednesday asked the Japan Retailers Association to cooperate on adjusting banana prices to reflect the recent surge in costs, urging Japanese consumers and retailers to bear the burden of inflation.

According to the embassy, this is the first time for the Philippines to make such a request. An embassy representative added that similar requests will be made to other business groups along the banana supply chain.

"The conflict between Russia and Ukraine has resulted in disruption of the supply chain and elevated increase in production and other costs," Jose C. Laurel V, the ambassador to Japan, told reporters in Tokyo.

"It will be unrealistic and unfair for Philippine banana farmers to maintain the status quo."

He stressed that the retail price of bananas has been flat since 2015 -- around 270 yen ($2) per kilogram -- citing the Japanese government's official price statistics.

The Philippines accounts for about 80% of Japan's banana imports, by far topping the second country, Ecuador, thanks to geographical proximity. ...continue reading

Source: ANNnewsCH

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