Pilipino Banana Growers and Exporters Association says country may lose US$200mn in revenue following loss of key markets
In a letter to the Philippines President Bongbong Marcos, the Pilipino Banana Growers and Exporters Association (PBGEA) has said the country may lose US$200mn in revenue if the war in the Middle East intensifies, according to a report from OneNews.
“We were quite optimistic about the prospects in the Middle East market. Our shipments had just started to increase and then the war broke out,” Stephen Antig, executive director of PBGEA, told OneNews sister publication,The Philippine Star.
“So, it is like we are back to square one. Some companies may have stopped exporting already to Iran to minimide the risk,” Antig added.
According to Antig, some banana corporations had been establishing a “foothold” in Iran and other Middle Eastern countries as a means to diversify their portfolio.
“Even if we cannot compete with India, we still have loyal customers that continue to buy Philippine bananas in Iran due to better quality,” Antig said.
The Middle East accounted for 12 per cent of the Philippines’ banana export value last year. Iran, in particular, has become a key destination for the country.
In 2024, the Philippines was the second largest supplier of bananas to Iran, behind India, according to the Observatory of Economic Complexity (OEC).
Banana exports to Iran reached 242,877 tonnes in 2025, almost 47 per cent higher than the 165,448 tonnes sent in 2024. This accounted for 8 per cent of the total 3mn tonnes of fresh bananas exported from the Philippines in 2025.
In terms of value, Iran alone accounted for six per cent of total banana export value in 2025, surging 81 per cent to US$97.52mn from the US$53.79mn recorded in 2024.
It has been one of the Philippines’ fastest growing markets with data from the Philippine Statistics Authority (PSA) showing an annual growth rate of 15 per cent from 2020 to 2025. It is now the country’s fourth largest market for fresh bananas.
Meanwhile, according to PSA data, the combined export value of bananas to the six Gulf Cooperation Council (GCC) member-countries plus Iraq last year reached nearly US$95.5mn.
