Phl risks further losing banana market share in South Korea

The Philippines may lose the South Korean market for bananas if the free trade agreement (FTA) with the East Asian country is not ratified soon, as local exporters face stiffer competition against other foreign suppliers.

- JASPER EMMANUEL ARCALAS

Government officials and banana industry stakeholders were in unison that the prospective FTA, which is awaiting Senate ratification, would protect and salvage the country’s share in South Korea’s banana market.

The Philippines has been struggling to keep its foothold in the South Korean banana market, its third largest destination for fresh banana exports, after neighboring countries such as Vietnam ramped up their exports on the back of lower costs and better market access through lower tariffs.