2 September 2010

Banana skins from Europe

13/03/2006 Robert Tyerman

The new European Union fruit import regime, which involves a switch from quotas to tariffs, could hit profits of companies in this sector, notably Fyffes. The company, which is Europe’s largest fruit importer, has warned its banana profits could slip by as much as two-thirds this year as a result of feared duty increases and higher shipping costs.

This issue was raging at the same time as calls went up for Britain to think harder about its own food security. According to Liberal Democrat Baroness Miller, the UK is importing too much food, much of which could actually be produced here if anyone could be bothered. Miller claims the trade gap in foods that could be locally produced — the likes of beef, dairy products, vegetables and wheat — is something in the region of £11 billion.

Elsewhere, the revived popularity of gum chewing has led to an increased range of brands and flavours and is prompting more corporate competition for market share. Cadbury Schweppes, which bought the Adams gum business from Pfizer three years ago, is shaping up to challenge US giant Wrigley for global market leadership.

Sector: Food Producers

Companies: Fyffes

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