Recently released data from the Ministry of Agriculture and Aquaculture of Japan showed that in October 2023, the country’s exports of water products (including processed products) fell by 28% to 25.4 billion yen. This decline was largely due to the impact of import bans on exports to mainland China and Hong Kong. However, Japan’s exports of water products to the United States and Southeast Asia have a growing trend, showing progress in diversifying export destinations.

In the product category, exports mainly to China, such as beetle and seafood, fell significantly by 65% and 51%, respectively. From a national and regional perspective, exports to mainland China decreased by 84% to 1.4 billion yen, and exports to Hong Kong decreased by 16% to 5.9 billion yen. This decrease reflects the importance of the Chinese market for exports of water products to Japan.

Meanwhile, exports to the United States grew by 18% to 5.2 billion yen. Exports to Vietnam grew by 27% to 2.1 billion yen, and exports to the Philippines grew by 17% to 400 million yen. These growths suggest that despite the uncertainty of the global market, Japan’s exports of water products are still looking for new growth points.

In order to support exports of water products, the Japanese government is taking steps to strengthen export support. For example, Fanbe will conduct shell decommissioning operations in Vietnam in order to open up export channels to the United States. In addition, the government plans to invite overseas buyers to visit fish markets and aquaculture facilities in areas such as northeast Japan and Hokkaido to create negotiation opportunities.

Professor Yukiko Harada, an associate professor of fisheries economics at Tokyo University of Marine Science and Technology, pointed out that while overseas sales channels appear to be expanding, the key lies in how to establish long-term roots and avoid being just a flash in the pan. At the same time, price increases in export destinations are also an important consideration.

Data from the central wholesale market in Tokyo showed that the total volume of water product transactions in October was 39.52.5 million yen, a slight decline compared to September. Measures to expand export destinations are showing effect. Exports of frozen fish, including the popular fish in China, have decreased by 5.2 percent, while beet products, including cannabis, have grown by 3.3 percent.