No.. that's not specifically it at all.

> dependent on exporting a single product or commodity, often controlled by foreign-owned entities [0]

Such countries/regions long existed before the US, although the term was coined by a US writer (William Sydney Porter), and the Banana industry (specifically) has a lot to answer for (in the US specifically). A region making money from.. foreign-owned chips, oil, IT-consultants or Sardines has the same status. The term has a terrible history (surprising the Gap hasn't rebranded).

[0]: https://www.britannica.com/topic/banana-republic