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JFC bankruptcy doubled banana price in Russia
5.03.2012 16:56
JFC bankruptcy doubled banana price in Russia

In Russia banana retail price has grown by 50% per cent since the mid February and amounts 51.87 Ruble per kilo ($ 1.73), reports The Kommersant. The price rise is linked with the bankruptcy of the largest fruit importer, JFC. At that, this company was the first to level up the price.

Some market participants consider the price speculative and temporary.

According to the Institute for Agricultural Market Studies about 1.3 million tons of bananas were imported into Russia in 2011, it is 5 % more than in 2010. Russia is the fourth largest importer of bananas in the world.

JFC has been the leader among banana suppliers into Russia for 12 years. The company has applied for the procedure of bankruptcy on February 21, 2012. The bankruptcy was mostly caused by the results of Arab Spring.  

Author: Irina Fomina

Tags: Russian business     

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