Agriculture

Bananas getting pricier to grow

Banana farmers in Chiriquí are saying that rising tariffs on their products imposed by the European Union are hampering the expansion of the market.

There are four independent banana farms in the province right now, down from 13 just 10 years ago. The industry employs 600 people, a fraction of the labor force at the turn of the century.

Carlos Franceschi, the administrator of the Finca Los Ángeles in the region, said that rising production costs and the tariff situation has hurt the industry.

"We are continuing to resist a critical situation, but I am not ruling out the sale of the property or conversion to something more profitable."

According to Franceschi, production costs have increased 45 percent over the past five years while the tariff on his products are now $271 a ton.

He said that he is looking at options, such as converting to palm oil, a much easier product to grow and one that is currently in high demand for its use as a biofuel.

He also said another option is selling the farm to developers.