BOGOTA (Reuters) - Farmers in Colombia, the world’s fifth-largest banana grower, are looking to boost shipments to the European Union this year on the lucrativeness of shipping to the region, an industry leader said on Thursday.

WHY IT’S IMPORTANT

The European Union pays a premium for Colombian bananas due to sustainability commitments and requiring workers be paid a living wage, Emerson (NYSE: EMR ) Aguirre, the head of Colombia’s Banana Growers Association, told Reuters.

KEY QUOTES

"We’re seeing opportunities to grow in the European market, because it recognizes the added value of Colombian bananas in terms of environmental, social and labor sustainability," Aguirre said.

"For us, it’s essential to serve the EU market and continue increasing our market share there."

BY THE NUMBERS

Colombia exported more than $1 billion in bananas last year, Aguirre said, or 109 million 20kg boxes.

The European Union accounts for nearly 70% of Colombia’s banana exports, followed by the United States with 15% and the United Kingdom with another 15%.

CONTEXT

Aguirre dismissed concerns that tariffs from the United States - now postponed - would initially affect the industry, saying the costs would be passed on to consumers.

However, analysts have warned of the hit to consumption in the U.S. on the tariffs, which would lower sales.