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Friday, September 15, 2006
Chiquita Faces Company Drop Banana prices in the United States have skyrocketed ever since Chiquita Bananas Inc. have had to deal with tough trading issues in Europe. The banana firm stated this week that US banana prices have risen 10% during the first two months of the quarter, reaching an all time increase. In contrast, prices in the EU, Switzerland, Norway and Iceland fell by 17 percent on a local currency basis, forced down by hot weather that resulted in depressed consumer demand, as well as an increase in market competitors. Chiquita has endured recent regulatory changes in Europe, while previously they enjoyed a market with basically no competition. According to Food Navigator USA, " in January 2006, the European Commission implemented a new regulation for the import of bananas into the European Union. This imposed a higher tariff on bananas imported form Latin America, while allowing a duty-free annual import quota of 775,000 tons for bananas from certain African, Caribbean and Pacific countries. And Latin America is Chiquita's primary source of bananas. " Chiquita was burdened by $18m incremental costs associated with higher banana import tariffs in the EU. While the EU is doing fine, the US is, well, going bananas over the higher prices. Chiquita is trying to control the banana inflation, but realistically Americans are more than likely going to be paying more for their favorite fruit for quite a while longer. Blogger News Network is advertiser-supported, and your visits to our advertisers help BNN to meet its expenses. Help keep us afloat! posted by Tammy at 1:21 PM |
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