Farmers fear losses over banana prices crash

Banana prices have plunged in Joypurhat amid increased market supplies, leaving farmers worried about losses as they struggle to recover production costs.

A bunch of bananas that sold for Tk 900 to Tk 1,000 just a few days ago is now fetching only Tk 300 to Tk 350, farmers said, blaming local traders for allegedly controlling the market through a syndicate.

The farmers said the rising costs of fertiliser, pesticides and labour had pushed banana cultivation expenses to Tk 35,000-Tk 40,000 per bigha. At current prices, however, they earn only Tk 25,000-Tk 30,000 from their produce, incurring losses of at least Tk 10,000 per bigha.

Although banana supplies have increased, the number of buyers has declined, leaving growers struggling to sell their produce at profitable prices. They have called for regular market monitoring to ensure fair prices.

According to the Department of Agricultural Extension (DAE) in Joypurhat, the district set a target of cultivating bananas on 817 hectares this year. Farmers eventually cultivated the fruit on 705 hectares, producing 31,081 tonnes.

Mehedi Hasan, the district marketing officer, said authorities were continuing to monitor the market to ensure fair prices for farmers.

“We are taking action based on the farmers’ complaints. If the allegations are found to be true, legal action will be taken against those responsible,” he said.

Manik, Sagar and Chinichampa are the most widely cultivated banana varieties in the district, with Manik bananas generally fetching higher prices.

Farmers said they had initially benefited from high prices for early-season bananas but were now facing mounting losses as supplies increased.

Shahidul Islam, a farmer from Jamalganj village in Akkelpur upazila, alleged that traders were working together to keep prices low.

“Traders are controlling the market by acting together, but there is no one to monitor them. Supplies have been high before, too, but banana prices did not fall. We are at the mercy of traders,” he said.

Mahbub Hossain, a farmer from Ismailpur village, said he had failed to recover his investment after spending around Tk 35,000 to cultivate Chinichampa bananas on one bigha of land.
He said he had uprooted the banana plants and switched to paddy cultivation.

“I will never grow bananas again,” he said.
Selim Reza, another farmer from the same village, said he had incurred losses after cultivating Chinichampa bananas on three bighas of land because of the sharp price decline.

Traders, however, rejected allegations of market manipulation, attributing the price fall to increased supplies across the country.

Khadimul Islam Chandu, a banana trader at Jamalganj Bazar, said prices had declined at wholesale markets nationwide because of an increase in supply.

“I have been trading bananas in Dhaka and various other districts for 26 years. The low prices are causing losses not only for farmers but also for traders,” he said, adding that traders were buying bananas cautiously until the market stabilised.

Hafizul Islam, another trader at Jamalganj Bazar, said they purchased bananas directly from farmers and sold them in the market but were now struggling amid weak demand.

“We are losing Tk 200 to Tk 250 on every bunch of bananas. The market has collapsed because there are not enough buyers,” he said.